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GPI Tax Credit
 
 
GPI receives $1.15M tax credit with Chabin assist
[JUNE 2014] Graphic Packaging International (GPI), with locations in Oroville, Irvine, and Santa Clara, California, was among the 29 companies approved for the inaugural round of the California Competes Tax Credit (CCTC) program on June 19.
 
Out of 396 companies that applied, only 29 were approved by the CCTC Committee. GPI was the only company north of the Sacramento area.
 
Chabin Concepts prepared GPI’s application for the tax credit, which required detailed documentation of job creation, total investment, and average wages generated by the project, as well as articulating the strategic importance and economic impact of the company’s retention and expansion.
 
GPI is projected to receive a tax credit of $1.15 million for an investment of over $54 million, resulting in 138 jobs created by the end of 2018.
 
The company designs and produces packaging for the food and beverage industry.  In addition to investing in land and building improvements to expand in Oroville, GPI will upgrade or replace equipment at all three California plants and improve pulping, cleaning, and cogeneration equipment at its Santa Clara facility.
 
Accountability is a distinguishing feature of this new tax credit, and GPI is required to meet annual milestones associated with employment and investments in order to receive a portion of the tax credit each tax year through 2018.
 
Administered through the Governor’s Office of Business and Economic Development (GO-Biz) the California Competes tax credit is part of the Governor’s Economic Development Initiative signed by Govern Brown in 2013. The tax credit is available to companies interested in expanding in or relocating to California.
 
The state will offer an opportunity for companies to compete for an additional $150 million in tax credits next year.
 
 
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