This newly created program distributed $47.8 million in tax credits to businesses that are creating and retaining new jobs in the state. CalCom Solar is one of the scores of California companies to receive these tax credits.
We are thrilled to be a recipient of the Cal Competes Award. This will further enable us to expand our company operations in California, create new quality jobs on our rapidly growing staff, and accelerate the deployment of solar to meet the demand from our customers, said Nic Stover, CEO of CalCom Solar.
To further boost economic growth and advance our way of life, California needs to do all it can to promote business growth and retention, California State Treasurer Chiang said. The $47.8 million of credits awarded will help Golden State companies grow, prosper, and importantly, hire.
In an effort to further bolster Californias economy, the Governors Office of Business and Economic Development (GO-Biz) created the California Competes Tax Credit (CCTC) committee for companies to expand or create jobs in California. Companies interested in applying for California Competes tax credits can apply during the next application round which will be announced in the Summer of 2015. Applicants complete a free, user friendly application available on-line at www.calcompetes.ca.gov <http://cts.vresp.com/c/?GOBiz/91589598d2/3524d6d608/caeaf985c0>.
The California Competes tax credit is one of the nations most effective and aggressive tools for encouraging companies to expand and add jobs in California. 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.
Applicants are assessed using a formula that weighs how many jobs will be created or retained; how much the employees will be paid; the rate of poverty or unemployment in the area where the business will be located; competition from other states; and the strategic importance of the business.
