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Sacramento, California – The California Governor’s Office of Business and Economic Development (GO-Biz) announced a $150 million tax incentive to create more than 7,600 full-time jobs. time. This tax incentive is part of the California Competes Tax Incentive Program (CalCompetes), which promises to attract more than $1.2 billion in investments statewide over the next five years.
According to Mr. Dee Myers – Senior Advisor to the Governor and Director of GO-Biz, “California Competes is an important program for attracting and retaining businesses, creating good paying jobs as well as opportunities. economy for workers in California. These incentives will incentivize business and create thousands of stable full-time jobs and investment incentives across the state.”
Infinity Energy Inc. in the city of Fresno received a tax incentive of $ 2.5 million to set up a facility to manufacture electric vehicle charging stations using solar energy, creating jobs for 209 people. As for the $25 million tax incentive, EnerVenue Inc. in Fremont will provide at least 1692 full-time jobs in the development and production of high-capacity nickel-hydrogen batteries. This type of battery can be used at large construction sites such as hospitals to help ensure uninterrupted power supply in the event of a problem. This is also a type of battery that allows storing large amounts of electricity from wind and solar power sources, meeting 100% of electricity demand with sustainable, green energy even when there is no sun or little wind.
California Governor Gavin Newsom said: “Companies like EnerVenue can be seen as representative of California’s entrepreneurial spirit. Originating from a startup incubator at Stanford University, EnerVenue will play a pivotal role in helping California achieve its zero-carbon goal.”
VinFast, a Vietnamese electric vehicle manufacturer, has received a tax incentive of $20.5 million to set up its US branch headquarters in California. The automaker will invest more than $200 million in the first phase and create at least 1065 full-time local jobs.
According to CalCompetes Deputy Program Manager Scott Dosick, “VinFast plans to bring electric SUVs to the US next year and we really hope it chooses California as the headquarters for its US business operations. . The CalCompetes tax exemption program is one of California’s strong measures to compete with other states in attracting business investment. We are proud that VinFast has chosen California as its ‘home’.
Nguyen Thi Van Anh – General Director of VinFast America said: “VinFast was established with the goal of providing high-end electric vehicles at affordable prices to the US market, and we are building a team of top-notch staff. world leader in California – which is considered the center of next-generation transportation and smart technology. We truly appreciate the support of the state of California in preparing to launch the brand here, actively contributing to the spread of electric vehicles worldwide, and helping California and the United States achieve important goals. about environment”.
The California Competes Tax Exemption Program was started in 2013 to focus on supporting stable businesses in California. The selection process for eligible businesses is very competitive and is conducted by GO-Biz based on statutory regulations, including local job creation, total investment, salary average, economic impact, strategic importance… In 2018, this program was extended for another 5 years with at least $180 million in tax exemption and reduction for businesses until 2023.
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