CMTA members win CA Competes tax credit for expansion, hiring

By Michael Shaw

Capitol Update, Jan. 23, 2015 Share this on FacebookTweet thisEmail this to a friend

CMTA Members California Steel Industries and U.S. Gypsum Company both were successful in the application process for tax credits under the California Competes Tax Credit program overseen by the Governor’s Office of Business and Economic Development (GO-Biz). Both companies committed to expand product lines resulting in a combined net increase of more than 160 full-time employees.

The California Competes Tax Credit was created to incentivize businesses to stay and grow in the state by providing a credit against net income tax liabilities. In the latest round of tax credits, GO-Biz announced $31 million in awards to a total of 57 companies to support operations and growth in California.

There are two more rounds for the 2014-15 Fiscal Year that concludes on June 31, 2015, so CMTA members still have time to apply. The application period for the next round ends on February 2, 2015 with more than $75 million available for awards. The final round of this fiscal year will begin in March with $31 million available to assist California’s economic recovery. 

To assist companies with applying for the tax credit, GO-Biz held several workshops across the state over the past month. However, on Monday, January 26th they will hold an online webinar from 2:00pm to 3:00pm. You can get more details and registration here.  

Additional information on the California Competes Tax Credit program and instructions on applying may be found here.

Capitol updates archive 989898989