Sacramento, Calif. – The Governor’s Office of Business and Economic Development (GO-Biz) today announced that it received a total of 341 applications with a combined tax credit request of $269 million for an available $75 million for the most recent California Competes Tax Credit application period which closed on August 17, 2015.
This fiscal year, GO-Biz is authorized to award $200 million in tax credits of which 25% ($50 million) is reserved for small businesses. By October 30, 2015, GO-Biz will post on the California Competes website the next list of the applicants recommended for an award. The final decision on whether to award a tax credit is made by the California Competes Tax Credit Committee at a meeting scheduled for November 10, 2015.
The California Competes Tax Credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). Last fiscal year, GO-Biz allocated approximately $150 million to 212 companies that are projected to create over 29,400 jobs and make over $7.1 billion in investments. Since the inception of the program in June 2014, GO-Biz has allocated approximately $180 million to 241 companies that are projected to create over 35,00 jobs and make over $9 billion in investments. For more information about the California Competes Tax Credit or to be added to the California Competes Tax Credit email distribution list, please contact our staff at CalCompetes@gov.ca.gov or (916) 322-4051.
About GO-Biz
The Governor’s Office of Business and Economic Development (GO-Biz) serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov.
