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On Friday last week, Assembly Speaker Toni Atkins and more than 40 San Diego businesses attended the first workshop for the Cal Competes Tax Credit Program this fiscal year. Now in its second year, Cal Competes is attracting the attention of a diverse set of businesses all over the state.
Last year, California awarded $175 million in tax credits and this year, the program is set to award more than $200 million to the most competitive applicants in three separate funding rounds.
Cal Competes allows businesses to request a tax credit based on their investment in state and the number of employees they hire in the next five years. Determining how to effectively select a competitive ask is where the EDC team can step in to provide specific insights. Our goal is to help as many companies as possible put their best foot forward. In previous rounds, EDC has worked closely with companies like NASSCO & BAE to submit applications.
If your business is planning to incur significant expenses in the next several years in either capital investments or new hires, EDC is ready and willing to help you join the 33 San Diego County companies who won credits in the first year of the program.
These are your tax dollars. Why not win some of them back?
To learn more about the program, please contact Jesse Gipe at email@example.com
July 20, 2015, through August 17, 2015 ($75 million available)
January 4, 2016, through January 25, 2016 ($75 million available)
March 7, 2016, through March 28, 2016 ($50.9 million plus any remaining unallocated amounts from the previous application periods)
To learn more about last year’s results: goo.gl/dTqPwL
Since its launch in 2014 as part of Governor Jerry Brown’s economic development initiative, the California Competes Tax Credit has awarded close to $124 million in credits to California companies that will hire 24,088 jobs over the next five years.
Yesterday, the Cal Competes Tax Credit Committee voted to approve an additional $47 million in tax credits, which will create 11,343 additional jobs, closing out FY14-15 - the first full year of the program. Since the programs inception, 242 companies have received tax credits totaling more than $171.5 million; more than 35,430 jobs will be created and $9.74 billion invested in the state’s economy.
San Diego companies are received more than $19.9 million of these tax credits, or 11.6 percent of all tax credits awarded throughout the state. These funds will help San Diego companies create 3,968 jobs, invest more than $877 million back into their respective companies, and pay more than $646 million in wages over the next five years.
Companies such as BAE Systems, iboss Cybersecurity, Modern Times, NASSCO and Underground Elephant were awarded these credits.
After the vote next week, San Diego is positioned to rank 2nd in terms of the amount of jobs created and 4th in the amount of tax credits won.