Inception date: 14 Apr 2016 | Removal date: open ended

Tax or social insurance relief

On April 14, 2016 GO-Biz awarded a California Competes Tax Credit of $12,725,000 to Faraday and Future, Inc. in an agreement to manufacture electric vehicles including competitive racing and electric consumer automobiles. Faraday agreed to hire full-time employees and invest in computer and manufacturing equipment, real property, furniture and fixtures, vehicles, and tenant improvements as part of its expansion at various locations throughout California, including Gardena, Rancho Dominguez, and San Jose. 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. Tax credit agreements are negotiated by GO-Biz and approved by a statutorily created California Competes Tax Credit Committee.