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10 Sonoma County business have been awarded tax credits

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10 Sonoma County business have been awarded tax credits

Four Sonoma County businesses were awarded tax incentives on Thursday totaling $369,000 by the California Governor's Office of Business and Economic Development (GO-Biz).  Since January 2015, 10 Sonoma County business have been awarded credits is excess of $2.5 million. 

The Sonoma County Economic Development Board (EDB) has worked closely with local business to help them take advantage of this program through workshops, one-on-one application assistance, and letters of support.  The EDB will be partnering with representatives from GO-Biz to create another workshop on July 20, 2015 to provide businesses owners with step-by-step guidance on how to create a strong application. You can register for the workshop here.

The California Competes Tax Credit was created by Governor Jerry Brown and is focused on helping businesses grow and stay in California.  The program allows a business to compete for an income tax credits based on in its new investments over a five-year period-on facilities, capital improvements and new employees.

The four Sonoma County companies awarded tax credits yesterday have committed to investing over $1.2 million dollars in Sonoma County and creating 27 new local jobs in over the next five years.

"It is great to see the state of California incentivizing local companies to invest and create new jobs in Sonoma County" said Board of Supervisors Chair Susan Gorin. "Sonoma County is not only a great place to live but also an excellent place to do business."

The 10 Sonoma County companies that have been awarded tax credits have committed to investing over $8.4 million dollars in Sonoma County and creating 554 new local jobs in over the next five years.   An additional $200 million in tax credits will be awarded in each fiscal year through the 2017-2018.  Companies must apply during distinct application windows, the next application window will be midsummer.

"The EDB is always looking for ways to help local companies be successful and create new local jobs, the California Competes Program is a great to new tool to help us do this."  says Tim Ricard, Business Expansion and Retention Officer.  

Please contact Tim Ricard at 565-7257 or tim.ricard@sonoma-county.org to learn more about the California Competes Program as well as other EDB Business Assistance Programs.  

 


 

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