[vc_row][vc_column width=”1/1″][vc_column_text width=”1/1″ el_position=”first last”]Local businesses will have the opportunity to engage with one of the state’s leading economic development organizations when the California Governor’s Office of Business and Economic Development (GO-Biz) visits Torrance next week. GO-Biz has partnered with the Torrance Area Chamber of Commerce to host a free workshop for local businesses. Attendees will learn how to apply for the California Competes Tax Credit, a leading component of Governor Brown’s newly established Economic Development Initiative.
The Governor’s Economic Development Initiative (GEDI) is a redirection of approximately $750 million from the state’s recently dissolved Enterprise Zone Program. The reapportioned funds will serve to establish three new business incentives: a statewide sales tax exemption on all manufacturing equipment and research and development equipment purchases for biotech and manufacturing companies, hiring credits for businesses in areas with the highest unemployment rate and poverty, and establishment of the California Competes Investment Incentives. GO-Biz, the organizational brainchild of Governor Brown, which he created to serve as the state’s primary line of effort for economic development and job creation goals, is charged with implementation of the GEDI and negotiating the California Competes Tax Credit with employers.
The credit is a break on the state’s income tax for employers looking to create or retain quality jobs in the state. According to a press release published by GO-Biz, this fiscal year it is authorized to award $151.1 million in tax credits. Donna Duperron, President and CEO of the Torrance Area Chamber of Commerce, is encouraged that the State has implemented the incentive but is eager to help bring more of the available funds to Torrance businesses. “The money is there, it now comes down to how we can help Torrance businesses competitively apply for the credits,” says Duperron. “It would be great to get more of that money invested in Torrance.”
During the first round of tax credits awarded earlier this year, Torrance businesses scored two points on the board with Dasco Engineering Corporation and Sage Goddess, Inc. both being awarded substantial tax credits. “We had a great experience with the California Competes application process and are very pleased to have been awarded with the tax credit. This program is not out of reach for Torrance businesses by any means and is a great opportunity to take advantage of,” states David Meizlik, Chief Operating Officer at Sage Goddess, Inc.
GO-Biz evaluates the most competitive applications based on factors including total jobs created, total investment, average wage, economic impact, strategic importance, and others. “Bringing GO-Biz to Torrance will give local businesses the opportunity to better understand the application process and learn techniques that may make their applications more competitive,” says Duperron.
Small businesses are not left out of the picture. One quarter of the available funds are reserved to be specifically awarded to small businesses, giving plenty of opportunities for smaller employers to cash-in. Torrance businesses are encouraged to attend the free workshop on March 2nd from 9:00am-10:00am at the Toyota Meeting Hall located at the Torrance Civic Center. For registration information, contact the Torrance Area Chamber of Commerce at 310-792-2339.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator height_2=”25″ height=”25″ show_border=”yes_border”][/vc_column][/vc_row][vc_row][vc_column width=”1/4″][vc_column_text][/vc_column_text][/vc_column][vc_column width=”3/4″][vc_column_text width=”1/1″ el_position=”first last”]
Brandon is the Governmental Affairs Coordinator for the Torrance Area Chamber of Commerce. His primary responsibilities include facilitating the Chamber’s Governmental Affairs Policy (GAP) group, planning Chamber events with legislators, and facilitating the Chamber’s Political Action Committee (PAC). Feel free to contact him at any time.[/vc_column_text][/vc_column][/vc_row]