Local Business Benefits as GO-Biz Approves $69 Million in Tax Credits
Further bolstering the California economy, the Governor’s Office of Business and Economic Development (GO-Biz) announced that the California Competes Tax Credit (CCTC) committee approved approximately $69 million in tax credits for 93 companies expanding and creating jobs in California. The awards will help these companies create a projected 13,286 jobs and generate over $3.1 billion in investment across California.
A Riverside business, OSI Group, LLC, was included in this round of California Competes tax credits. New to California, and now rewarded for their recent decision to locate in Riverside, OSI has been a global leader in supplying value-added protein items and other food products to leading foodservice and retail brands for 60 years. According to the official list of 93 companies receiving the tax credits, OSI was awarded $350,000. The California Competes tax credit, will allow OSI to invest in additional food processing machines, increase cooler space capacity, and hire more full-time employees in order to fuel the food processing company’s goals of growth and expansion.
“The California Competes tax credit is one of the nation’s most effective and aggressive tools for encouraging companies to expand and add jobs in California,” said committee chair Michael E. Rossi. “California is projected to allocate over $650 million in targeted tax credits over the next four years which will continue to spur job creation and investment across the state.”
The California Competes Tax Credit was created by Governor Brown and is focused on helping businesses grow and stay in California. Since the inception of the program in June 2014, GO-Biz has allocated approximately $129 million to 178 companies that are projected to create over 24,100 jobs and make over $6 billion in investments. Companies interested in applying for California Competes tax credits can apply during the next application round which will be announced mid-summer 2015.