For Immediate Release
$2.1 Million in Tax Credits Awarded to Sonoma County Companies!
Santa Rosa,CA | April 29, 2015
Five Sonoma County businesses were awarded tax incentives totaling over $2.1 million through the California Competes Tax Credit Program.
This new tax credit program was created by the Governor's Office of Business and Economic Development (Go-BIZ) is focused on helping businesses grow and stay in California. The program allows a business to compete for an income tax credits based on projected investment over a five-year period, on facilities, capital improvements, and new employees. During the latest funding cycle Sonoma County companies captured over 4% of the available tax credits despite Sonoma County having approximately 1% of the state's population.
The Sonoma County Economic Development Board (EDB) has been working closely with local businesses to help them take advantage of the new incentive. Prior to the latest funding cycle we hosted workshop where representatives from GO-Biz provided over 50 local businesses with step by step guidance on how to create a 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.
You can find a complete list of businesses receiving California Competes tax credits as well as more information on the five Sonoma County companies who have committed to investing over $7.2 million dollars in Sonoma County and creating 440 new local jobs over the next five years.