Two L.A. Companies in Line for State Tax Credits

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A metal company in Long Beach and a health supplement company in City of Industry have made the final list of 31 companies eligible for state hiring tax credits under a jobs program, Gov. Jerry Brown’s office announced Tuesday.

Weber Metals Inc. of Long Beach, which specializes in metal forging for the aerospace industry, has been recommended by the Governor’s Office of Business and Economic Development to receive $1 million in tax credits for the hiring of 60 additional employees.

Health One Pharmaceutical Inc., a maker of supplements in the City of Industry, has been recommended for a $50,000 tax credit for the hiring of 10 additional employees.

Both recommendations will come up for final consideration at the June 19 meeting of the California Competes Tax Credit Committee.

The list of finalists is a milestone for the California Competes program, which the Legislature approved last year as a replacement for the now defunct state Enterprise Zone program. Companies with plans to hire additional workers in the state were invited to compete for a limited pool of tax credits.

Nearly 400 companies applied for a total of more than $500 million in hiring tax credits. The first allocation is for $30 million. Applicants who didn’t make the finalist list were invited to try again for the next fiscal year, when $150 million will be available.

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Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

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