Calif. OKs Nearly $44 Million In Tax Credits For Companies Promising To Hire Within State

SACRAMENTO, Calif. (AP) - A state economic development board has approved nearly $44 million in new tax credits for companies promising to create more than 7,000 jobs in California.

The board that oversees the California Competes program approved all the credits recommended for 89 companies at its meeting Tuesday in Sacramento.

The credits range from $4 million for Pacific Steel Group, which promises to create 249 new jobs in Fairfield, San Diego and Los Angeles, to $20,000 for Outback Solutions, a Sacramento web design company that plans to add one position.

Three San Francisco-based technology companies, including financial advice site Nerdwallet, snagged a combined $8.55 million in tax credits with the promise of 2,600 jobs.

Electric vehicle-maker Tesla Motors Inc. was awarded $15 million in June.