The California Competes Tax Credit, an income tax credit available to businesses that want to locate in California or stay and grow in California, has turned out to be a boon for businesses willing to create full-time, quality jobs.
The Economic Development Team of San Bernardino County announced that “nearly $20.2 million in California Competes Tax Credits were awarded to San Bernardino County firms“.
The county also shared that “The next application period will start on January 3, 2022, with $120 million available, and the deadline to submit applications is Monday, January 24, at 11:59 p.m.
“These San Bernardino County companies demonstrate the best of what our County’s business community has to offer. We commend them for their commitment to grow and reinvest in the region,”
Curt Hagman | Board of Supervisors Chairman
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California Competes Tax Credit
Applications for the California Competes Tax Credit are accepted at www.calcompetes.ca.gov during the application periods specified in the “Notice California Competes Tax Credit” located at https://business.ca.gov/california-competes-tax-credit/.
It takes around three months to approve the tax credit. You can access a complete list of FAQs here and use this presentation to understand more about the ‘California Competes for tax credit program.
Fig 1- Amount of Credits Available
$150M in Tax Credits
It is estimated that the California Competes Tax Credit program will bring in more than $1.2 billion in new investments across the state over the next five years. So far, GO-Biz has awarded $150 million in tax credits, helping create 7,600 new, full-time jobs in California.
According to the data published by San Bernardino County, the companies that availed of tax credits include:
- MP Materials Corp. – $14.8M
- Diamond Wipes International, Inc. – $3.2M
- Rexnord Industries LLC – $1.2M
- Mainstream Tours, Inc. – $500K
- TPG Payroll & HR Services, Inc. – $250K
- Daylight Transport LLC – $250K
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