San Marcos helps businesses secure more than $500K in tax credits
The savings will help create dozens of jobs in the city
The City of San Marcos helped two San Marcos businesses secure more than $500,000 in state income tax credits, allowing them to collectively create nearly 30 local jobs.
The Governor’s Office of Business and Economic Development (GO-Biz) awarded a $446,700 California Competes Tax Credit (CCTC) to x-ray machine company Creative Electron and a $100,000 CCTC to Quick Charge Power, which makes charging equipment for electrical vehicles.
These companies are exempt from paying state income taxes in the amount awarded—an incentive to help them grow their operations with its savings, Creative Electron will hire 22 employees over the next four years and Quick Charge Power plans to hire another seven.
“The California Competes Tax Credit encourages companies from around the world to locate, expand and add good paying jobs in California,” said GO-Biz Director Panorea Avdis.
Last year, the City helped secure $850,000 in CCTC awards for two other San Marcos companies, which are in the process of adding another 50 jobs. This means that in the past two years, the City has helped secure nearly $1.4M for local businesses, which in turn is creating 79 local jobs.
“I think this underscores the fact that San Marcos is a community worth investing in—even when considered at a regional or state level,” said San Marcos Economic Development Manager Tess Sangster. “We contribute a $7.9 billion annual GDP to the regional economy, largely thanks to leading companies like Creative Electron and Quick Charge Power.”
And with these CCTC awards in place, San Marcos is poised to have an even greater impact on the regional economy, according to local experts at the San Diego Regional Economic Development Corporation (San Diego Regional EDC).
“This is a win for all of North County,” said Jennifer Schoeneck, Economic Development Manager for San Diego Regional EDC. She tracks the economy along Interstate 78 that snakes through Oceanside, Carlsbad, Vista, San Marcos and Escondido, commonly known as the ‘78 Corridor.’ “The two San Marcos companies that won tax credits will be hiring more employees, which creates a positive economic impact not only for the city, but also elevates the entire 78 Corridor.”
With only 63 companies making the list during this most recent round, earning a CCTC is highly competitive—and in fact, San Marcos was the only North County city on the list. Both companies largely credit their success to guidance from City staff and the San Diego Regional EDC.
“They helped guarantee a smooth application process and were always available for questions,” said Bill Cardoso, CEO of Creative Electron. “I am thankful for that assistance because this is an excellent opportunity to continue growing here in San Marcos.”
“In all my interactions, staff has been very efficient, professional and helpful,” said Quick Charge CEO and Founder Tony Williams. “They’ve made it clear they are here to engage and support businesses. They get an A plus in my book.”
“When we foster a thriving local economy, our entire community benefits,” Sangster added. “It drives the high quality of life we all enjoy here in San Marcos.”
And for any other business owners who may be eyeing a CCTC, Williams says go for it.
“Don’t let the size of your business keep you from applying. If you’re growing, then you should do it. Especially considering that city staff is there to help you through the process.”
Sangster encourages business owners to reach out for more information—especially because there will be more CCTC awards available later this year, pending an approved state budget.
“Economic development is a relatively new priority for us, so business owners may not realize this is a service we can provide—but we are trying to get the word out,” she explained. “There are many resources out there for business owners, and we are eager to help them discover those.”
If you would like more information about the CCTC program or the City’s economic development division, please contact Tess Sangster at TSangster@san-marcos.net or (760) 744-1050, ext. 3120.