California board awards $29 million in tax credits

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Updated: 6/19/2014 1:44 pm

SACRAMENTO, Calif. (AP) — A newly created state board has awarded nearly $29 million in tax credits for companies that have agreed to expand and retain jobs in California.

The California Competes Tax Credit Committee met for the first time Thursday and awarded 29 separate credits.

They range from $20,000 for a Novato-based stem cell biotech research firm that promised to create eight jobs to $6 million for Samsung Semiconductor, which promises to create 400 jobs in San Jose.

The program was created after lawmakers last year abolished the state's Enterprise Zone program, which Gov. Jerry Brown called wasteful and inefficient.

Nearly 400 companies applied this year for $30 million in available credits. The five-member board postponed a decision on a $700,000 credit for a subsidiary of German-owned grocer Aldi, which unions opposed.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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