Los Angeles Business Journal

Two L.A. Firms Get State Tax Credits

By Jonathan Polakoff Friday, June 20, 2014

Two L.A. companies were among the 29 firms that were approved to receive $28.9 million in state tax credits, Gov. Jerry Brown’s office announced Thursday.

Weber Metals Inc. of Long Beach, which specializes in metal forging for the aerospace industry, will 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, will receive a $50,000 tax credit for the hiring of 10 additional employees.

The companies had been named finalists for the credits earlier this month.

The tax credits are part of the Governor’s Economic Development Initiative. 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.

“I am confident these companies will use the tax credits to invest in their business, hire more people and contribute to California’s ongoing economic growth,” Michael E. Rossi, chairman of California Competes Tax Credit Committee, said in a statement.