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The Big Picture San Diego Blog


Speaker Toni Atkins

October 15, 2014

More than 60 businesses attended a seminar Monday to learn how to apply for the Cal Competes Tax Credit. The workshop was co-hosted by EDC and the Governor's Office of Business and Economic Development (GO-Biz). The new income tax credit allows businesses to receive a reimbursement from the state for hiring and capital investment improvements. “The California Competes tax credit encourages businesses, large and small, to expand in California and create good paying jobs in a variety of industries,” said GO-Biz Senior Business Development Specialist Sid Voorakkara.

Congressman Scott Peters (D-San Diego) and Assembly Speaker Toni Atkins (D-San Diego) welcomed businesses to the workshop. 

Assembly Speaker Toni Atkins addresses crowds at a Cal Competes Workshop
 

“We are the greatest state and the eighth largest economy in the world. We compete globally against economies such as Brazil, Russia and India. We are the innovation site for many of the world’s industries,” said Speaker Atkins.

The Cal Competes Tax Credit is now accepting applications through Monday, October 27. GO-BIZ has allocated a total of $45 million for companies this round. Apply now at www.calcompetes.ca.gov. You can watch a step-by-step video on the application process by clicking here

In the last round of Cal Competes, San Diego and Imperial County companies received more than 65 percent - $4.83 million of the $7.37 million allocated for small businesses – under the program meaning that the region raked in more small business credits than any other area in the state combined.

In total, one Imperial County and four San Diego companies were approved for the economic incentives, which are collectively valued at $7.43 million. According to documents filed by the respective companies, the incentives are expected to create 1,144 jobs. San Diego’s diverse industries, including military, maritime, biotech and advanced manufacturing, were well-represented in the credit recipients.

Companies looking to apply or find out more about the tax credits are encouraged to contact Sid Voorakkara and Drew Garrison