Creating Full-Time Jobs in California Pays Off: San Bernardino County Firms Get $20M Tax Credits

By: Sharjeel Sohaib

• 

Dec 16, 2021

 • 

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 was 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 dealine 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

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‘ tax credit program.

Fig 1- Amount of Credits Available

Image 5
PC: California Governor’s Office of Business and Economic Development (GO-Biz)

$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 tax credits include:

  1. MP Materials Corp. – $14.8M
  2. Diamond Wipes International, Inc. – $3.2M
  3. Rexnord Industries LLC – $1.2M
  4. Mainstream Tours, Inc. – $500K
  5. TPG Payroll & HR Services, Inc. – $250K
  6. Daylight Transport LLC – $250K

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Author

  • Avatar Of Sharjeel

    Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.

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