SAN FRANCISCO (KCBS RADIO) – Governor Newsom's office has announced more than $178 million in new tax credits will be allocated to create new jobs in industries that will shape California's future.
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The money will help increase manufacturing jobs in California and spur almost $2 billion in new private investment over the next five years, the Governor’s office said in a release. The industries include space exploration, artificial intelligence, and new farming technology to fight climate change.
"Investing in innovation works, and no place does it better than California — solving our most existential challenges with creativity and the technology of the future," Governor Gavin Newsom said in the release.
The $178.2 million in CalCompetes tax credits will be distributed to companies that will continue to grow the state's economy. Businesses that receive the tax credits will create more than 7,600 full-time jobs in the state, the release said.
California Competes Tax Credit was passed in 2013 to help businesses grow and stay in the state. Each application is evaluated based on total jobs created, total investment, average wage, economic impact and strategic importance, the release said.
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