Editor’s Note: The following press release was issued by the Governor’s Office of Business and Economic Development (GO-Biz)

Building upon California’s nation leading job creation, the Governor’s Office of Business and Economic Development (GO-Biz) today announced that the California Competes Tax Credit (CCTC) committee approved $43.7 million in tax credits for 89 companies expanding and creating jobs in California. The awards will help these companies create a projected 7,164 jobs and generate over $600 million in investment across California.  The complete list of approved companies and award amounts can be found here.

“The California Competes tax credit further demonstrates California’s ability to identify high quality companies and encourage them to expand in the state,” said committee chair Mike Rossi. “When combined with a world class work force, dynamic economy and culture of innovation, the California Competes tax credit helps make California the most consistently targeted state for new company investments.”

Rossi, senior jobs advisor to Governor Brown, convened the committee meeting at the Sacramento City Hall which includes Treasurer John Chiang, director of the Department of Finance Michael Cohen, Senate appointee Denise Zapata and Assembly appointee Madeline Janis.

The committee also voted unanimously to rescind three previously awarded tax credits worth a total of $840,000. Lynda.com, Health One Pharmaceuticals and Animal Memorial Service all requested that their tax credit awards be terminated due to changing business plans.

The California Competes Tax Credit was created by Governor Brown and is focused on helping businesses grow and stay in California. Last fiscal year, GO-Biz allocated approximately $150 million to 212 companies that are projected to create over 35,000 jobs and make over $9.1 billion in investments. This fiscal year, GO-Biz is awarding $200 million in tax credits through three award rounds. Companies interested in applying for California Competes tax credits can apply during the next application round scheduled for January 2016. Applicants complete a free, user friendly application available on-line at www.calcompetes.ca.gov.

About California Competes
The California Competes tax credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). 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. Companies are exempted from paying state income taxes in the amount awarded.