Five California Chamber of Commerce member companies have been selected by the Governor’s Office of Business and Economic Development (GO-Biz) as recipients for the California Competes Tax Credit.
The tax credit committee recently approved $46.7 million in tax credits for 67 companies expanding and creating jobs in California.
The awards will help these companies create a projected 4,235 jobs and generate more than $1.3 billion in investment across California.
CalChamber members being awarded credits in this round include:
• Pabst Brewing Company, LLC; breweries.
• Denso International America, Inc; automotive parts manufacturing.
• King Shock Technology, Inc.; automotive parts manufacturing.
• Air Spray U.S.A. Inc., aircraft refurbishment.
• Airgas Specialty Products, Inc.; industrial gas manufacturer.
The complete list of approved companies and award amounts is posted at business.ca.gov.
Next Application Round
The next application round for the tax credit opens on July 25 with $75 million in tax credits available. The application will be available at www.calcompetes.ca.gov.
GO-Biz is hosting workshops throughout the state to help businesses apply. The workshop schedule, plus an application guide, frequently asked questions, program regulations, and a video explaining how to create an account are available at business.ca.gov.
About California Competes
The California Competes Tax Credit, focused on helping businesses grow and stay in California, is part of the Governor’s Economic Development Initiative, which Governor Edmund G. Brown Jr. signed legislation to enact in 2013 (AB 93 and SB 90). GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. Companies are exempted from paying state income taxes in the amount awarded.
Since 2014, GO-Biz has awarded $340 million to 500 companies projected to create more than 55,000 jobs and make $12.9 billion in investments.