Saturday, June 19, 2021
Business

Three San Bernardino County Companies Have Received $10.9 Million in State Tax Credits

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May 19, 2021 — Three San Bernardino County firms, In-N-Out Burger, Nongshim Holdings USA, Inc., and Plastic Technologies, Inc. have received nearly $11 million in California Competes Tax Credits.

The California Competes Tax Credit is an income tax credit available to businesses that want to locate in California or stay and grow in California and create quality, full-time jobs in California. The purpose of the California Competes Tax Credit is to attract and retain high-value employers in California in industries with high economic potential that provide their employees good wages and benefits.

San Bernardino County companies recognized by the California Competes Tax Credit committee are:

  • In-N-Out Burger is a fast-food operator with multiple locations throughout the County. The company increased employment overall by 224 people and earned a $7 million tax credit.
  • Nongshim Holdings USA, Inc. is a food manufacturer located in Rancho Cucamonga. The firm had a net employment increase of 273 people and received $3.5 million in tax credits.
  • Plastic Technologies, Inc. is a plastic product manufacturer located in San Bernardino. The firm had a net employment increase of 20 people and received a $450,000 tax credit.

“It is great to see County businesses gain recognition for the local economic value they create and to be able to encourage them to continue to be strong local employers in our region,” said San Bernardino County Interim Economic Development Department Director Soua Vang.

As part of his 2021-22 State Budget, Governor Newsom proposed sustained investments to preserve California’s competitiveness. The California Jobs Initiative, a $777.5 million proposal, focuses on job creation and retention by, among other proposals, increasing the funding for the California Competes Tax Credit by $90 million to $270 million for fiscal years 2020-21 and 2021-22 and creates a new CalCompetes grant program to support job creation and investments in infrastructure.

Since the start the Newsom Administration, GO-Biz has awarded 115 businesses $442,708,975 in California Competes Tax Credits. In exchange for the credit, these businesses have collectively committed to create 28,905 quality, full-time jobs and make capital investments of $6,513,965,476.

The California Competes Tax Credit was created in 2013 to focus on helping businesses grow and stay in California. GO-Biz evaluates the most competitive applications based on the factors required by statute, including total jobs created, total investment, average wage, economic impact, strategic importance and more. In 2018, the program was extended for an additional five years with at least $180 million in tax credits available for allocation to business each year through 2023.

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Inland Empire Business Journal
The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.