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Sonoma County Businesses Rewarded for Investing in California

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Sonoma County Businesses Rewarded for Investing in California

Five Sonoma County businesses were awarded tax incentives totaling over $2.1 million  by the California Governor’s Office of Business and Economic Development (GO-Biz).

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 five Sonoma County companies awarded tax credits yesterday have committed to investing over $7.2 million dollars in Sonoma County and creating 440 new local jobs in over the next five years.  This projected investment helped them capture $2.1 million of the $69 million awarded by the Go-Biz at the April 16th Committee Meeting.  

“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.”

This fiscal year, Go-Biz will allocate $151 million in tax credits to California businesses. So far they have allocated $131 million to 179 companies to create a projected 24,500 jobs and over $6 billion in investment. An additional $200 million 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 Sonoma County Economic Development Board (EDB) hosted workshop on February 24th prior to the last application window where representatives from GO-Biz provided over 50 local businesses with in depth information on the California Competes Tax Credit Program and offered step by step guidance on how to create an strong application.  The EDB seeks to build on this success by hosting another workshop this summer and continuing to assist local companies to apply for the tax credit.  “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.  

Sonoma County Companies Receiving Tax Credits:

Provino Inc. (DBA VinoPro)
Industry: Wine and Beverage Wholesaler
Net Increase of Full-time Employees: 166
Investment: $1,250,000
Amount of Tax Credit: $500,000

Sonic.net, Inc.
Industry: Internet Service Provider
Net Increase of Full-time Employees: 169
Investment: $78,000,000
Amount of Tax Credit: $100,000

Revive Brands
Industry: Beverage Production
Net Increase of Full-time Employees: 87
Investment: $5,450,000
Amount of Tax Credit: $1,500,000

VA & Associates (DBA Aussie Pet Mobile)
Industry: Pet Grooming
Net Increase of Full-time Employees: 12
Investment: $360,000
Amount of Tax Credit: $30,000
Link to Tax Credit Agreement: http://bit.ly/VAAssociates 

DJMC Incorporated (DBA Doug’s Bugs)
Industry: Pest Control
Net Increase of Full-time Employees: 6
Investment: $95,000
Amount of Tax Credit: $25,000

 

If you would like to hear more about California Competes please contact EDB’s Tim Ricard via phone 707-565-7257 or via email tim.ricard@sonoma-county.org