MANUFACTURER AWARDED TAX CREDIT FOR BIOLA EXPANSION
Published On November 5, 2018
NutriaAg has been awarded a $180,000 state tax credit to help expand its manufacturing facility in Biola, just west of Fresno.
Headquartered in Toronto, NutriAg makes and distributes environmentally friendly fertilizers and plant nutrients. It opened its Biola plant in 2015.
The tax credit is part of the California Competes program, which is administered through the Governor’s Office of Business and Economic Development, or GO-Biz. The credit is aimed at businesses that want to locate or grow in the state.
As part of the tax credit agreement, NutriAg plans to invest $1.62 million in its expansion plans over the next three years, as well as hire at least seven new employees in that span.
All together, GO-Biz on Monday approved $70 million in tax credits for 17 companies that would create more than 2,000 jobs.
Lockheed Martin was awarded a $39.5 million tax credit — the largest single tax credit in the program’s five-year history. The company has committed to adding 450 new jobs in addition to retaining over 2,400 existing employees in its “Skunk Works” operations near Palmdale.
The next application period begins on Jan. 2, 2019 with $75 million in tax credits available.
For more information, visit this blog from the Fresno County Economic Development Corp.