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$80 Million in California Tax Incentives Expected to Create 6,535 Jobs

11/10/2020
The Governor’s Office of Business and Economic Development, known as GO-Biz, announced $80 million in tax credits that are projected to create 6,535 new, full-time jobs in California. According to state officials, funding from the California Competes Tax Credit will bring more than $400 million in new investments across the state.

Approved California Tax Credit Committee agreements include:

Aerospace manufacturer Lockheed Martin Corporation with Golden State operations in; Palmdale, Buellton, Helendale, Santa Rosa, Valencia, Beale Air Force Base, and Vandenberg Air Force Base; the company plans to make an investment of $100 million and hire 450 associates to receive a tax credit of $29,800,000.

Consumer Lending company Better Holdco Inc., with locations in Oakland and Irvine, California, plans to make an investment of $55,428,938 and hire 3,500 associates resulting in a Tax Credit amounting to $25 million.

Diagnostic Test Manufacturer Cepheid, with locations in Lodi and Santa Clara County, plans to invest $250 million and hire 2,510 associates making it eligible to receive a Tax Credit of $20 million.

American Honda Finance Corporation with a location in Cypress, California, plans an investment of $9,218,624 and hire 75 associates resulting in a tax break of $5.2 million.

“As our state recovers from this historic recession, incentives like these can help spur California’s spirit of innovation and growth to create jobs and bring the California dream into reach for all,” said Governor Gavin Newsom. “With policies like these that bolster growth, California will continue to lead the way toward a healthier, more inclusive economic future, that our nation can follow.”

One awardee, diagnostic test manufacturing company Cepheid, has committed to create 2,510 jobs in Lodi and Santa Clara County. “Cepheid was founded in the heart of Silicon Valley in 1996 and we’ve expanded our presence in multiple California locations as we’ve grown. I am proud of both the game-changing research and development, and the world-class manufacturing that we do here,” said Cepheid President Warren Kocmond. “We are honored to be increasing our presence in California as we work to increase the availability of diagnostic testing globally.”

“Companies like Cepheid, which are leaders in science and technology, are unique to California’s economy and what makes us successful,” said Chris Dombrowski, GO-Biz Acting Director. “Our continued economic vitality and recovery depends on sustained support and investment in these innovators.”


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