Assemblymember Irwin Announces $2 million in Tax Credits Awarded to Local Businesses

For immediate release:

Over $20 Million Awarded Statewide

SACRAMENTO – Assemblymember Jacqui Irwin (D-Thousand Oaks) today announced that $2 million in tax credits was awarded to Oasis Technology, Inc. a computer systems design & consulting services firm in Camarillo, CA.  With the support of the tax credit, Oasis will add 357 additional full time employees in Assembly District 44 through the California Competes Tax Credit program.

“I would like to congratulate Oasis Technology on receiving this California Competes Tax Credit award. Our region will benefit tremendously from the additional full time jobs. Our hope is that this program continues to lead to job growth in California.”

The California Competes program was created through AB 93, and its companion bill SB 90, both adopted in 2013. These bills shifted $750 million previously allocated to California’s Enterprise Zones into a new program designed to ensure the creation of new jobs rather than merely relocating existing ones and to provide incentives to businesses locating or expanding in California.

In addition to the tax credits for job creation, the new program offers sales tax relief on the purchase of research and development equipment for life sciences and manufacturing equipment.  The amount of credits available will increase each year until 2018. Twenty-five percent of the credits are reserved for small businesses.

Businesses interested in the program can apply through the Governor’s Office of Business and Economic Development (Go-Biz), who then negotiates the credit before it is approved by a California Competes Committee, consisting of the State Treasurer, the Director of the Department of Finance, the Director of Go-Biz, and one appointee each by the Speaker of the Assembly and Senate Committee on Rules.  

Over $20 million in tax credits were awarded to California businesses in the 2013-14 fiscal year and over $150 million will be available in the 2014-15 fiscal year.

“The California Competes program may be the difference between businesses staying or leaving California,” concluded Assemblymember Irwin. “I encourage more businesses in the district to apply.”