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.
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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/.
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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