State offers $100M in tax credits for California businesses

November 11, 2016

gobizlogonew2Businesses who want to come, stay or grow in California can apply for $100 million in income tax credits through the California Competes Tax Credit in January. The credit is offered through the Governor’s Office of Business and Economic Development (GO-Biz) and is available to businesses of all sizes throughout the state.

Applications will be accepted January 2 through January 23, 2017 and will be evaluated on the most competitive applications based on factors like total jobs created, total investment, average wage, economic impact, strategic importance and more.

Nine Carlsbad businesses have been issued more than $3.2 million state income tax credits in the last two years, including:

  • CHC Consulting—$2 million (Nov. 2015)
  • Cerner Corp.— $1.5 million (Nov. 2015)
  • Lite Machines—$1 million (April 2016)
  • Hughes Circuits, Inc.— $400,000 (April 2016)
  • Clevermade, LLC—$130,000 (June 2016)
  • Processing Point—$115,000 (June 2016)
  • Comprehensive Advisor—$100,000 (April 2016)
  • Solterra Lighting, Inc.—$20,000 (April 2016)
  • Abtech Technologies—$25,000 (April 2016)

A free workshop on how to apply for the tax credit will be held in Escondido on Thursday, December 8 from 9:30 to 11 a.m. at the City of Escondido’s Council Chamber, 201 North Broadway. Register for the event here.

For more information about the tax credit program including guidelines, FAQs and information on preparing an application, please visit the California Competes Tax Credit website.