While it’s hard to overlook the growing number of companies moving their headquarters from California to other states, the Golden State remains an economicpowerhouse with the 5th-largest gross domestic product in the world. CEOs often lambast California’s business climate and regulations, yet they don’t hesitate to set up shop and access the country’s top talent market. While Tesla, Oracle, Palantir and Hewlett-Packard Enterprise have made announcements to leave the state in the past year,companies like Google, Apple, L’Oréal and Takeda Pharmaceuticals are doubling down.
California Competes Tax Credit: Offers a flexible income tax credit for businesses that come, stay and grow in the state. Applications are accepted three times per year, and tax credit agreements are reviewed and negotiated by GO-Biz and the California Competes Tax Credit Committee.
California Research Credit: Offers a tax credit of up to 15% to taxpayers engaged in qualified research activities to discover new technology, develop a new businesscomponent or pursue a “process of experimentation.”
Sales and Use Tax Exemption for Manufacturing: Offers a partial exemption of sales and use tax on certain manufacturing and R&D equipment purchases and leases.
Advanced Transportation and Manufacturing Sales and Use Tax Exemption: California Alternative Energy and Advanced Transportation Financing Authority offers a full sales and use tax exclusion for manufacturers that promote alternative energy and advanced transportation.
California Governor’s Office of Business and Economic Development
Greater Sacramento Economic Council
Los Angeles Economic Development Corporation
San Diego Regional Economic Development Corporation
San Francisco Office of Economic & Workforce Development
In April 2021, GO-Biz announced Source Diverse Source Local, a public-private partnership to strengthen an inclusive procurement and resilient California-based supplychain. The initiative is funded by a donation from Google and will build programming to recruit, sponsor and convene corporations, industry leaders and stakeholders todevelop content and expand statewide expertise.
53 Fortune 500 companies headquartered in state, including