Milpitas-Based Efficient Drivetrains Receives $750,000 In California Tax Credits
Company to Invest $8 Million in Manufacturing and R&D, Create 56 New Jobs
Posted on November 29, 2017
The California Competes Tax Credit (CCTC) committee approved $69 million in tax credits for 90 companies projected to create 6,236 jobs and make $1.2 billion worth of new capital equipment investments across California. Among the 90 companies receiving California Competes Tax Credits, Efficient Drivetrains, Inc. in Milpitas is awarded a total of $750,000 in tax credits for its $8,000,000 investment in manufacturing and research and development equipment as part of its expansion in Milpitas and Dixon, and 56 net increase of full-time employees.
Efficient Drivetrains, Inc. is an advanced manufacturer of hybrid and electric vehicle drivetrains with a long-standing history in electrification of buses. With its global headquarters in Milpitas and international offices in China, the company strives to create highly efficient and affordable electric and hybrid-electric vehicles available today.
In the last three years, Economic Development Department of the City of Milpitas partnered with the Office of Governor to inform regional businesses of CCTC opportunity and process. Through extensive outreach in 2017, the City’s Economic Development Department staff informed all Milpitas businesses of the tax credit including Efficient Drivetrains, Inc., and the company applied after learning about this opportunity.
The California Compete Tax Credit is one of the many great incentives that helps businesses grow, this demonstrates the strong manufacturing base in Milpitas that provides good-paying jobs for the local community and the state. Milpitas is proud of its local companies for their contributions to the local and statewide economy.
Created as part of the Governor’s Economic Development Initiative (GEDI), the California Competes Tax Credit aims to encourage companies from around the world to locate and expand in California, and stimulate job growth in the state. Governor’s Office of Business and Economic Development (GO-Biz) evaluates the most competitive applications based on factors required by statute, including total jobs created, total
investment, average wage, economic impact, strategic importance and more.
More information and the complete list of approved companies and award amounts is available at http://business.ca.gov/Portals/0/CA%20Competes/Docs/CCTC-Meeting-Approval-Notice-11-16-17.pdf