California: Governor Newsom announces new tax credits that will generate $2.1 billion investment in world’s 4th largest economy
The Californer/10312677

Trending...
News

May 2, 2025

Governor Newsom announces new tax credits that will generate $2.1 billion investment in world's 4th largest economy

What you need to know: As part of the California Jobs First initiative, the state is awarding $30.5 million in tax credits to seven companies committed to creating new jobs and investing over $2.1 billion across key industries like clean energy, advanced manufacturing, logistics, and consumer goods.

SACRAMENTO — Governor Gavin Newsom today announced the  Governor's Office of Business and Economic Development (GO-Biz) awarded $30.5 million in California Competes Tax Credit (CalCompetes) awards to seven companies, supporting the creation of new jobs and spurring more than $2.1 billion in new private investment across the state.

"California is where innovation meets opportunity — and these investments prove it. From clean energy to advanced manufacturing, these companies are creating good-paying jobs and driving billions in private investment. We're building a stronger, bottom-up economy that works for all Californians."

Governor Gavin Newsom

The awardees represent a diverse range of sectors critical to California's future:
  • Element Resources is investing $1.85 billion in a hydrogen fuel manufacturing facility in Lancaster.
  • Fuse Energy Technologies is bringing fusion energy R&D to San Leandro and the East Bay, with a $152 million in investment.
  • Legendary Foods will expand food manufacturing across Bell and Santa Monica, with over $70 million in investment.
  • Ariat International is expanding its San Leandro headquarters and design operations, investing $19 million.
  • Marine Terminals Corporation will invest $8 million to expand port operations in Port Hueneme, supporting logistics and supply chain infrastructure.
  • Cloacina will manufacture wastewater treatment equipment in Arroyo Grande, with a $3.9 million investment.
  • Rural Power Systems will scale water pump manufacturing in Davis, investing $9.15 million.

"These awards reflect the incredible diversity and strength of California's economy," said Dee Dee Myers, Senior Advisor to Governor Newsom and Director of GO-Biz. "Whether it's rural communities or urban innovation hubs, companies across the state are choosing to grow here because of our unmatched talent, infrastructure and vision for the future."

More on The Californer
Since 2013, California Competes has awarded tax credits to more than 1,200 businesses, creating nearly 160,000 jobs, and resulting in more than $50 billion of private investment across the state.

Over the past five years, CalCompetes has invested in companies such as Pacific Steel to construct the first steel mill in California in more than 50 years in Kern County; Relativity Space to expand their ability to manufacture 3D-printed rockets to carry satellites into space; AES to expand solar energy and battery storage operations across the state; and many more.

See Full Award Details Here

California Jobs First: A bold plan, realized locally

In February, Governor Newsom released the California Jobs First Economic Blueprint – a new economic vision for California's future. The Blueprint, which is being implemented by the nine state agencies on the California Jobs First Council, outlines key initiatives to support regional growth, invest in 21st century job training, create an attractive environment for job creators and strengthen California's innovation economy – all to help increase access to good-paying jobs for Californians.

California's economic leadership

With a nation-leading GDP and more Fortune 500 companies than any other state, California's economy remains a global powerhouse driven by diversity, creativity and opportunity.
  • 4th Largest Economy in the World: California's $4.1 trillion GDP recently surpassed Japan.
  • #1 in the Nation: Leads the U.S. in Fortune 500 companies, new business starts, venture capital access, manufacturing output, high-tech industries and agriculture.
  • Major Trade Powerhouse: Over $675 billion in two-way trade, making California the largest importer among U.S. states and a key driver of job creation.
  • Manufacturing Hub: Home to 36,000+ manufacturing firms, employing over 1.1 million workers, with strengths in aerospace, electronics, and zero-emission vehicles.
  • AI & Innovation Leader: California hosts 32 of the world's top 50 AI companies and produces 25% of global AI patents and conference papers.

Economy, Press Releases, Recent News

https://www.addtoany.com/add_to/facebook?linkur..." rel="nofollow external noopener">Recent news

More on The Californer
First Partner Siebel Newsom celebrates Move Your Body, Calm Your Mind Day in Southern California and the Bay Area

May 1, 2025

News LOS ANGELES — California First Partner Jennifer Siebel Newsom today joined students, mental health professionals, and athletes at two schools in Pasadena and the Boys & Girls Clubs of the Peninsula's East Palo Alto Clubhouse to celebrate Move Your Body, Calm...

California's population increases — again

May 1, 2025

News What you need to know: For the second year in a row, California's Department of Finance released data showing the Golden State's population grew. In 2024, the state added more than 100,000 residents. SACRAMENTO — Today, Governor Gavin Newsom announced that...

Governor Newsom on illegal House effort to curb California's tools for cleaning the air: 'Making California smoggy again'

May 1, 2025

News What you need to know: House Republicans used an illegal tactic to attempt to overrule California's clean cars and trucks program that has decreased smog and protected Californians' health. SACRAMENTO — Governor Gavin Newsom issued the following statement today...

Filed Under: Government, State
Show All News | Report Violation

0 Comments

Latest on The Californer