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Friday, Oct 7, 2022
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18 Local Businesses to Get Tax Credits From GO-Biz

Eighteen San Diego County businesses will receive $20.24 million in state tax credits through the governor’s Office of Business and Economic Development (GO-Biz) for creating 4,311 new jobs.The businesses are among 93 throughout the state that received tax credits to expand and create jobs in California. Altogether, $69 million in credits were awarded. In earlier rounds of the California Competes program, 12 San Diego area companies received more than $7 million in tax credits.

The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. The Cal Competes program is managed by GO-Biz.

Tax credit agreements are negotiated by GO-Biz and approved by the California Competes Tax Credit Committee, which consists of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, one appointee each by the Speaker of the Assembly and Senate Committee on Rules.

The amount of credits available will increase each year until 2018. Twenty-five percent of the credits are reserved for small businesses.

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The San Diego recipients were:

Abtech Technologies, Inc.

Industry: Online Data Storage and Backup Services

Primary Location(s): Carlsbad

Net Increase of Full-time Employees: 19

Investment: $1,000,000

Amount of Tax Credit: $25,000

BAE Systems Holdings Inc.

Industry: Ship Building and Repairing

Primary Location(s): San Diego

Net Increase of Full-time Employees: 197

Investment: $103,000,000

Amount of Tax Credit: $1,550,000

Council Brewing Company, LLC

Industry: Specialty Micro-Brewery

Primary Location(s): San Diego

Net Increase of Full-time Employees: 36

Investment: $11,375,000

Amount of Tax Credit: $45,000

GKN Aerospace Chem-tronics, Inc.

Industry: Aircraft Engine and Engine Parts Manufacturing

Primary Location(s): Santa Ana, El Cajon and Garden Grove

Net Increase of Full-time Employees: 494

Investment: $125,050,697

Amount of Tax Credit: $1,200,000

H.M. Electronics, Inc.

Industry: Communications Equipment Manufacturing

Primary Location(s): Poway

Net Increase of Full-time Employees: 152

Investment: $9,000,000

Amount of Tax Credit: $400,000

Johnson Matthey, Inc.

Industry: Surgical Appliance and Supplies Manufacturing

Primary Location(s): San Jose and San Diego

Net Increase of Full-time Employees: 48

Investment: $14,283,458

Amount of Tax Credit: $200,000

KOAZ, Inc.

Industry: Commercial Printing and Mailing Center

Primary Location(s): National City

Net Increase of Full-time Employees: 7

Investment: $356,500

Amount of Tax Credit: $70,000

L.B. Powers and Son Plumbing Co., Inc.

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Primary Location(s): San Diego

Net Increase of Full-time Employees: 7

Investment: $354,000

Amount of Tax Credit: $20,000

Marine Group Boat Works, LLC

Industry: Boat Repair and Construction

Primary Location(s): Chula Vista

Net Increase of Full-time Employees: 87

Investment: $11,400,000

Amount of Tax Credit: $550,000

Meridian Rack & Pinion, Inc.

Industry: Online Automotive Parts Merchant

Primary Location(s): San Diego

Net Increase of Full-time Employees: 63

Investment: $3,244,000

Amount of Tax Credit: $90,000 For the full list of finalists, visit: www.calcompetes.ca.gov.

Northrop Grumman Systems Corporation

Industry: Aircraft Manufacturing

Primary Location(s): Redondo Beach, El Segundo, Palmdale, San Diego, Sunnyvale and Woodland Hills

Net Increase of Full-time Employees: 1,359

Investment: $520,308,000

Amount of Tax Credit: $10,000,000

Pacific Blue Innovations, LLC

Industry: Research and Development Services

Primary Location(s): Vista

Net Increase of Full-time Employees: 52

Investment: $10,500,000

Amount of Tax Credit: $200,000

Pacific Steel Group

Industry: Steel Reinforcing Contractors

Primary Location(s): San Diego

Net Increase of Full-time Employees: 542

Investment: $5,000,000

Amount of Tax Credit: $1,850,000

Perfect Bar & Company

Industry: Nutrition/Health Food Manufacturing

Primary Location(s): San Diego

Net Increase of Full-time Employees: 90

Investment: $4,565,000

Amount of Tax Credit: $170,000

Samumed, LLC

Industry: Biopharmaceutical Research and Development

Primary Location(s): San Diego

Net Increase of Full-time Employees: 273

Investment: $30,500,000

Amount of Tax Credit: $2,100,000

Split Decision Holding Company, LLC

Industry: Custom Computer Programming and Background Check Services

Primary Location(s): San Jose and San Diego

Net Increase of Full-time Employees: 665

Investment: $14,967,600

Amount of Tax Credit: $725,000

T2e Energy Holdings, LLC

Industry: Organic Chemical Manufacturer

Primary Location(s): Vista

Net Increase of Full-time Employees: 199

Investment: $364,000,000

Amount of Tax Credit: $1,000,000

Tioga Research, Inc.

Industry: Biotechnology Research and Development

Primary Location(s): San Diego

Net Increase of Full-time Employees: 21

Investment: $1,116,241

Amount of Tax Credit: $45,000

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