Tax credits could boost business investment
Hundreds of new manufacturing jobs could be created in the Inland Empire after businesses were awarded nearly $2 million in tax credits in the statewide California Competes program.
“These awards are a major boost for business in Riverside County. The EDA is pleased to help businesses secure tax credits in order to cultivate a thriving economy capable of successfully competing in the global marketplace,” said Rob Field, assistant county executive officer/EDA.
The Governor’s Office of Business and Economic Development (GO-Biz) oversees the program that has awarded more than $5 million in job-creation credits in Riverside County since the program launched in 2013.
Grants affecting business in the inland area were awarded to:
- Eldorado National (California), Inc., a commercial bus builder in Jurupa Valley;
- ESL Power Systems, Inc., an electrical component manufacturer in Corona;
- MBC USA, Inc., a cheese processing and packaging company in Thousand Palms.
- QVC, a global powerhouse in television and online retail, received a $1.4 million credit toward a $165 million investment to create 521 new jobs by 2018. QVC is considering locating in either Riverside or San Bernardino counties.
Combined, the four manufacturing and distribution companies plan to hire 648 employees, invest over $167 million, and will receive $1.99 million in tax credits.
California Competes tax credits are awarded on a competitive basis and are part of the Governor’s Economic Development Initiative (GEDI) which was enacted in 2013. In the first round of the California Competes program, awarded in June 2014, four large Riverside County businesses were awarded $4.6 million in tax credits.