BEST works to qualify local companies for tax incentives

The state of California has several programs, opportunities and business friendly policies for companies interested in establishing a California operation. The Governor’s Economic Development Initiative is comprised of three different business incentives.

One of the incentives is a partial exemption of sales and use tax on certain manufacturing biotechnology and research and development equipment purchases. BEST has been educating numerous qualifying companies on the incentives. Most recently Traditional Medicinals received the Sales and Use Tax exemption while purchasing new equipment. By receiving these exemptions, companies can save approximately 4.2% in taxes.

Recently, BEST, GoBiz and PG&E worked together to use the PG&E Economic Development Rate to encourage local expansion by Amy's Kitchen.

Additionally, BEST is working with other large companies to qualify for the incentives. Another incentive in the Governor’s package includes California Competes. The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California.

For more information, contact Sonoma County BEST at 707.545.1011.