Last Updated on April 29, 2024 by The HD Post Staff
Photo credit: Office of Governor Gavin NewsomCALIFORNIA – Governor Gavin Newsom announced, Friday, that the state has awarded $120 million in tax credits to 8 companies. The state says the investment will generate more than 2,100 full-time jobs with an average annual salary of over $100,000.
Newsom said California’s economy is the fifth largest in the world and they’re supporting workers and businesses as they reach success.
“This funding will help businesses create good-paying jobs — from steel manufacturing in Kern County to sustainable lithium production in Imperial Valley — and support the state’s economic dominance for years to come,” said Newsom.
Companies expanding operations in CA
Funding from the California Competes program is going to 8 companies expanding their operations in California.
- Controlled Thermal Resources received a $30 million tax credit to help construct a facility near the Salton Sea to extract lithium and other minerals from geothermal brine in Imperial County. The company is expected to make capital investments of more than $14.7 billion and create 443 new, full-time jobs in Calipatria and Imperial.
- Pacific Steel received a $30 million tax credit to hire employees and invest in manufacturing equipment as part of its expansion in Kern County. The company is expected to make capital investments of more than $540 million and create 447 new jobs.
- Moxion Power, which develops mobile energy storage products and technologies that accelerate last-mile electrification, received a $25 million tax credit to expand its manufacturing capabilities in both Richmond and Los Angeles. The company is expected to make capital investments of more than $126 million and create 474 new jobs.
- Paired Power, a commercial solar and battery energy storage system manufacturer, received a $3.5 million tax credit to expand its operations in Campbell as well as the Central Valley. The company is expected to make capital investments of more than $3.5 million and create 68 new jobs.
- Tau Motors received a $7 million tax credit to further its R&D capabilities in Redwood City as it continues to partner with automakers, suppliers, and industry to design and deploy advanced technologies across a range of platforms and powertrains. In exchange, they will create 156 new jobs and invest $59 million.
- MicroVention, based in Aliso Viejo, received a $7.5 million tax credit to further develop, manufacture and market medical technology products focused on the treatment of neurovascular diseases and cerebral aneurysms. The company is expected to make capital investments of more than $53 million and create 223 new jobs.
- Elve, headquartered in Davis, received a $15 million tax credit to expand manufacturing capacity for wireless communication networks. In exchange, they will create 310 new jobs and invest $55 million.
- Juanita Foods, a canned food manufacturer, received a $2 million tax credit to hire 27 full-time employees and invest $36 million as part of its expansion in Fontana or Ontario.
California Competes
The California Competes Tax Credit is an income tax credit available to businesses that want to locate in California or stay and grow in California.
Businesses of any industry, size, or location compete for over $180 million available in tax credits by applying in one of the three application periods each year.
For more information about the California Competes Tax Credit visit https://business.ca.gov/california-competes-tax-credit/
