The California Competes Tax Credit (CCTC) Committee today approved $28.9 million in tax credits for 29 companies expanding and creating jobs in California.
“The inaugural round of California Competes awardees represents a broad range of industries and regions across California,” said committee chair Michael E. Rossi. “I am confident these companies will use the tax credits to invest in their business, hire more people and contribute to California’s ongoing economic growth.”
Rossi, senior jobs advisor to Governor Brown and chair of the Committee, convened the inaugural meeting of the Committee which includes Treasurer Bill Lockyer, director of the Department of Finance Michael Cohen, Senate appointee Denise Zapata and Assembly appointee Greg Conger.
The awards approved by the Committee are projected to help these companies create almost 6,000 jobs and generate over $2 billion in investments across California. Awardees are exempted from paying state income taxes in the amount awarded. The complete list of approved companies and award amounts can be found here. “These credits provide significant incentives for companies to invest, create jobs and strengthen California’s economy,” said State Treasurer Bill Lockyer, a member of the California Competes Tax Credit Committee. “Unlike some tax incentive programs, this one has a competitive …read more
Source: Fullerton Chamber of Commerce