OCEANSIDE–Sparsha USA, a new Oceanside company who manufactures transdermal patches, received an award from the Governor’s Office of Business and Economic Development for the “California Competes” tax credits.
This State business incentive program is managed by “Go-Biz” and will distribute $30 million in tax credits, on a competitive basis, to businesses that want to relocate or expand in California. The tax credits are provided to California companies that have made a substantial investment in buildings and equipment who pledge to create well-paying jobs with benefits.
Sparsha’s application, which was assisted by the City of Oceanside Economic Development Department, included interviews with state officials and the development of a Tax Allocation Agreement. Sparsha USA was officially awarded up to $250,000 in tax credits in June of 2014.
The state will increase the amount of tax credits available to California businesses to $150 million starting in July of this year. The amount of tax credits businesses can compete for will increase to $200 million in each of the following two years.
Businesses considering Oceanside as a locale or current Oceanside businesses looking at expansion should contact the City’s Economic Development Department for application information or the State of California’s Go-Biz office.
Funding for the tax credit program comes from the phasing out of the 25-year-old State enterprise zone program.