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CA Competes Tax Credit recipients announced: helping LA County businesses

By April 17, 2015 No Comments

GO-Biz approved tax credits for 19 LA County businesses in the April CA Competes Tax Credit agreements, announced April 16.  LAEDC congratulates these businesses and thanks GO-Biz for this incentive program designed to increase job creation in the state.  For a listing of these LA County businesses, scroll down.  In total, 94 companies were approved for the tax credit, which would create 13,670 jobs and make $3.2 billion in investments in the State.  Of the 94 participating companies who were awarded the tax credits, 19 are based in Los Angeles County, which equates to over $19,000,000 in tax credits.

The California Competes Tax Credit is an income tax credit available to businesses that want to move to California or stay and grow in California. The main goal of the California Competes Tax Credit is to attract and retain high-value employers in California in industries with high economic multipliers and that provide their employees good wages and benefits.

The California Competes Tax Credit is part of the Governor’s Economic Development Initiative (GEDI) which Governor Brown signed legislation to enact in 2013 (AB 93 and SB 90). Since the inception of the program, GO-Biz has awarded 85 companies approximately $60 million to create a projected 10,000 jobs and generate nearly $3 billion in investment across the state.  LAEDC welcomed the opportunity to have a voice in the early program design, and we thank GO-Biz for partnering.

GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more.

For this fiscal year GO-Biz is authorized to award $151.1 million in tax credits of which 25% ($37.7 million) is reserved for small businesses.  GO-Biz made the first allocation of $31 million on January 15th and is scheduled to make additional awards on April 16, 2015 ($75 million) and June 18, 2015 ($31.1 million plus any unallocated amounts from the previous application periods).

LAEDC plays an active role in helping Los Angeles County-based companies in the early stages of the application process for the tax credit. For more information, please contact LAEDC Business Assistance.

Here is the list of LA County businesses which have been announced as Tax Credit recipients in this April round of announcements:

  1. Northrop Grumman Systems Corporation

Industry: Aircraft Manufacturing

Primary Location(s): Redondo Beach, El Segundo, Palmdale, San Diego, Sunnyvale and Woodland Hills

Net Increase of Full-time Employees: 1,359

Investment: $520,308,000

Amount of Tax Credit: $10,000,000

Link to Tax Credit Agreement: http://bit.ly/NorthropGrummanSystems

 

  1. Red Bull North America, Inc.

Industry: Beverage Distribution Headquarters

Primary Location(s): Santa Monica

Net Increase of Full-time Employees: 304

Investment: $31,120,585

Amount of Tax Credit: $1,750,000

Link to Tax Credit Agreement: http://bit.ly/RedBullNorthAmerica

 

  1. BlackLine Systems, Inc.

Industry: Custom Accounting Software Provider

Primary Location(s): Woodland Hills

Net Increase of Full-time Employees: 454

Investment: $12,235,000

Amount of Tax Credit: $1,100,000

Link to Tax Credit Agreement: http://bit.ly/BlacklineSystems

 

  1. The Gill Corporation

Industry: Fabricated Metal Product Manufacturing

Primary Location(s): El Monte

Net Increase of Full-time Employees: 328

Investment: $56,170,000

Amount of Tax Credit: $1,000,000

Link to Tax Credit Agreement: http://bit.ly/TheGillCorporation

 

  1. Viacom International Inc.

Industry: Motion Picture and Video Production

Primary Location(s): Burbank and Los Angeles

Net Increase of Full-time Employees: 56

Investment: $56,215,000

Amount of Tax Credit: $1,000,000

Link to Tax Credit Agreement: http://bit.ly/ViacomInternational

 

  1. Composites Horizons, LLC

Industry: Aerospace Product Manufacturing

Primary Location(s): Covina

Net Increase of Full-time Employees: 387

Investment: $25,900,000

Amount of Tax Credit: $975,000

Link to Tax Credit Agreement: http://bit.ly/CompositesHorizons

 

  1. Noribachi Corporation

Industry: Electric Lighting Fixture Manufacturing

Primary Location(s): Harbor City

Net Increase of Full-time Employees: 1,495

Investment: $16,250,000

Amount of Tax Credit: $750,000

Link to Tax Credit Agreement: http://bit.ly/Noribachi

 

  1. Alibaba.com, Inc.

Industry: Online Marketplace

Primary Location(s): San Mateo, Chico, Los Angeles and San Francisco

Net Increase of Full-time Employees: 140

Investment: $12,000,000

Amount of Tax Credit: $560,000

Link to Tax Credit Agreement: http://bit.ly/Alibabadotcom

 

  1. U.S. Corrugated of Los Angeles, Inc.

Industry: Corrugated and Solid Fiber Box Manufacturing

Primary Location(s): Santa Fe Springs

Net Increase of Full-time Employees: 100

Investment: $33,000,000

Amount of Tax Credit: $500,000

Link to Tax Credit Agreement: http://bit.ly/USCorrugated

 

  1. Kinkisharyo (USA), Inc.

Industry: Light Rail Vehicle Manufacturing

Primary Location(s): Palmdale

Net Increase of Full-time Employees: 103

Investment: $12,000,000

Amount of Tax Credit: $417,600

Link to Tax Credit Agreement: http://bit.ly/Kinkisharyo

 

  1. Honeywell International, Inc.

Industry: Aerospace Product and Parts Manufacturing

Primary Location(s): Torrance

Net Increase of Full-time Employees: 56

Investment: $48,251,306

Amount of Tax Credit: $250,000

Link to Tax Credit Agreement: http://bit.ly/HoneywellInternational

 

  1. Red Hat, Inc.

Industry: Custom Computer Programming Services

Primary Location(s): Mountainview, Los Angeles and San Francisco

Net Increase of Full-time Employees: 58

Investment: $2,800,000

Amount of Tax Credit: $170,000

Link to Tax Credit Agreement: http://bit.ly/RedHatInc

 

  1. Lusive Decor

Industry: Electric Lighting Fixture Manufacturing

Primary Location(s): Los Angeles

Net Increase of Full-time Employees: 62

Investment: $5,850,000

Amount of Tax Credit: $148,000

Link to Tax Credit Agreement: http://bit.ly/LusiveDecor

 

  1. Pro-Tech Design & Manufacturing, Inc.

Industry: Medical Device Design and Manufacturing

Primary Location(s): Santa Fe Springs

Net Increase of Full-time Employees: 78

Investment: $1,550,000

Amount of Tax Credit: $125,000

Link to Tax Credit Agreement: http://bit.ly/Pro-Tech

 

  1. Senior Operations LLC

Industry: Aircraft Engine Manufacturing

Primary Location(s): Burbank

Net Increase of Full-time Employees: 343

Investment: $1,578,000

Amount of Tax Credit: $100,000

Link to Tax Credit Agreement: http://bit.ly/SeniorOperations

 

  1. Citizen Watch Company of America, Inc.

Industry: Jewelry and Watch Manufacturing

Primary Location(s): Torrance

Net Increase of Full-time Employees: 5

Investment: $3,800,000

Amount of Tax Credit: $35,000

Link to Tax Credit Agreement: http://bit.ly/CitizenWatchCo

 

 

  1. Varedan Technologies, LLC

Industry: Semiconductor Engineering Services and Manufacturing

Primary Location(s): Torrance

Net Increase of Full-time Employees: 31

Investment: $480,000

Amount of Tax Credit: $620,000

Link to Tax Credit Agreement: http://bit.ly/Varedan

 

  1. EntroGen, Inc.

Industry: Diagnostic Test Manufacturing

Primary Location(s): Woodland Hills

Net Increase of Full-time Employees: 15

Investment: $2,500,000

Amount of Tax Credit: $320,000

Link to Tax Credit Agreement: http://bit.ly/Entrogen

 

  1. Du Fu Engineering LLC

Industry: Industrial Machinery Manufacturing

Primary Location(s): Rancho Palos Verdes

Net Increase of Full-time Employees: 5

Investment: $0

Amount of Tax Credit: $100,000

Link to Tax Credit Agreement: http://bit.ly/DUFUEngineering

 

 

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