California awards state tax credits to San Bernardino businesses

The Governor’s Office of Business and Economic Development (GO-Biz) recently announced the award of $80 million in tax credits from the California Competes Tax Credit program to businesses throughout the state. Several businesses located in San Bernardino will receive more than $2.3 million and is expected to create more than 100 full-time jobs in the city.

“As we continue to move forward to safely and fully reopen our state, incentives like these will help us recover, rebuild and reimagine an economy that works for all Californians,” said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. “This program is a critical tool to attract and retain employers who will in turn create good-paying jobs and economic opportunity across the state.”

The San Bernardino-based businesses and awards are:

• Plastics Technologies, Inc., a stock and custom-made blow molded plastic product manufacturer, was awarded a $400,000 tax credit for an additional 20 full-time employees;
• e.l.f. Cosmetics, Inc., a cosmetics manufacturer, was awarded a $471,025 tax credit for an additional 24 full-time employees;
• S&E Gourmet Cuts, Inc., manufactures meat snacks, was awarded a $950,000 tax credit for an additional 50 full-time employees;
• Mainstream Tours, Inc., local provider of community transportation services for disabled individuals, was awarded a $500,000 tax credit for an additional 30 full-time employees.

The complete list of approved companies and award amounts is available at: https://business.ca.gov/california-competes-tax-credit/awardee-list/

The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. 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. In 2018, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to business each year through 2023.