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Tax Credits Projected To Help Create Jobs

The Governor’s Office of Business and Economic Development (GO-Biz) earlier this month announced tax credit awards to 16 businesses that are projected to create more than 5,200 new, full-time jobs in California thanks to $71.1 million in tax credits. The funding, from the California Competes Tax Credit program, will bring more than $2.1 billion in new investments across the state over the next five years.

“This program is a critical tool to attract and retain employers who will in turn create good-paying jobs and economic opportunity across the state,” said Dee Dee Myers, Senior Advisor to Governor Gavin Newsom and Director of GO-Biz. “We applaud companies from Microsoft and Zoom, to Steeped and Mezmo, for choosing California to create thousands of new high paying jobs. Their commitment to California confirms our state’s status as the number one innovation state in America.”

Microsoft Corporation, an American software and technology company with over 175,000 employees worldwide, has committed to create more than 2,000 new jobs in California.

“Microsoft is committed to being a high value California employer and has a long-standing history of giving back to the communities in which we operate, promoting diverse and inclusive hiring practices, focusing on environmental sustainability efforts, and practicing corporate social responsibility,” said Sid Espinosa, Director of Philanthropy at Microsoft. “With this credit, we look forward to making long-term investments to continue to grow in the State.”

The complete list of approved companies and award amounts is available online.

Since the start the Newsom Administration, GO-Biz has awarded 147 businesses $593,844,974 in California Competes Tax Credits. In exchange for the credit, these businesses have collectively committed to create 38,162 full-time jobs and make capital investments of $9,734,689,941.

The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. In 2018, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to business each year through 2023.