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By David McAfee
A California committee for economic development and job creation has approved $91.4 million in tax credits for 114 companies, including General Motors Co.
The California Competes Tax Credit committee of the Governor’s Office of Business and Economic Development (GO-Biz) OK’d tax credits projected to generate more than $828 million in investments across the state and to create 8,223 jobs. Established in 2012 by Gov. Jerry Brown (D), Go-Biz has allocated more than $240 million in tax credits this fiscal year and $492.5 million since 2014, according to the office.
“In just three short years, over 680 companies have made commitments to expand in the state and GO-Biz continues to field inquiries from businesses around the world that are interested in moving to California and creating good-paying jobs,” Panorea Avdis, GO-Biz director and committee chair, wrote in an April 13 statement.
The committee, meeting in Sacramento on April 13, approved all 114 tax credit agreements. GM received an $8 million credit. The same day as the vote, GM announced the addition of 1,100 jobs, and a $14 million research and development facility in San Francisco.
GM, which cited the GO-Biz tax credits in its press announcement, said the investments will expand the company’s efforts in the realm of self-driving technology.
“We are excited to significantly expand our footprint in California and continue on our rapid growth trajectory,” Kyle Vogt, CEO of GM’s Cruise Automation, said April 13. “As autonomous car technology matures, our company’s talent needs will continue to increase. Accessing the world-class talent pool that the San Francisco Bay Area offers is one of the many reasons we plan to grow our presence in the state.”
Avdis added that GM’s investment is “further proof that California is leading the nation in the design, engineering and deployment of autonomous vehicles.”
The committee, which includes Treasurer John Chiang, also approved a $7.5 million tax credit for Proterra Inc. The electric automobile manufacturing company is making $85,966,500 in investments, according to GO-Biz.
Other awarded tax credits include $5.47 million for Renovate America Inc., a home improvement financing company; $4.26 million for Hulu LLC, a streaming services company ; and $3.30 million for Course Hero Inc., an educational resources platform. The companies are expected to invest $24.4 million, $109.6 million and $22.8 million in the state, respectively.
To contact the reporter on this story: David McAfee in Los Angeles at dMcAfee@bna.com
To contact the editor responsible for this story: Ryan C. Tuck at email@example.com
More information on the approved credits is at http://src.bna.com/nWv.
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