Shasta County’s Business Climate and Incentives
Shasta
We produce 9.4 Billion
The value of all goods and services produced in Shasta County
Gross Regional Product
Updated: Annually
We're 83.5k Strong
Labor force age 16+
Population calculated as number of employed and unemployed
Updated: Quarterly
With 7,645 Businesses
Reported within the county
Individual physical locations reported within the county
Updated: Quarterly
Shasta County Businesses by Number of Employees
Unemployment Rate
Employee Type
Average Commute Time
Our key industries
Explore our vibrant economic landscape shaped by these thriving industries. Whether you’re planning to expand your business or embark on a new venture, you’ll discover abundant opportunities to grow and thrive in this community. The industries below play a vital role in our local economy, providing well-paying jobs and contributing to the overall well-being of our region.
Forestry & Wood Products
Manufacturing
Engineering & Design
Healthcare
Forestry & Wood Products
Shasta County, California is home to the highest number of forest product producers per capita in the state.
Manufacturing
Engineering & Design
Healthcare
❉ Economic Indicator
83,577 workers call Shasta County home
Heidi Corrigan, CEO of O2 Employment Services
❉ Economic Indicator
83,577 workers call Shasta County home
HEIDI CORRIGAN, CEO OF O2 EMPLOYMENT SERVICES
HEIDI CORRIGAN, CEO OF O2 EMPLOYMENT SERVICES
Opportunity Zones
Investment in an opportunity zone enables a temporary deferral on capital gains for qualified investments made through a Qualified Opportunity Fund (QOF) established with the Internal Revenue Service (IRS).
Investors can defer federal capital gains taxes on the invested gain amounts until there is an event that reduces or terminates the qualifying investment in the QOF, or December 31, 2026, whichever is earlier.
In addition, if the investor holds the investment in the QOF for at least 10 years, the investor is not required to pay federal capital gains taxes on any realized gains from the investment. All QOFs must hold at least 90 percent of assets in qualifying Opportunity Zone properties or businesses.
EMPLOYEE JOB CREDIT
$1,500 JOB CREDIT PER FULL TIME EMPLOYEE
In the City of Redding a job credit of $1,500- $5,000 per employee is available to companies creating 10 or more full-time jobs at or above the area’s median hourly wage. These credits can be used to offset development fees, up to $1 million per development. In the City of Anderson the credit is $500 per job up to $500,000 per development. In the City of Shasta Lake the credit is $500 per job up to $100,000 per development.
UTILITY RATE DISCOUNTS
CITY OF SHASTA LAKE
New manufacturing facilities with a billing demand of 1 megawatt or more that locate within the City of Shasta Lake receive a discounted Economic Development [ED] Rate. In addition, all businesses located within the City’s Industrial Park are eligible for this Economic Development Rate, regardless of demand. This rate is in effect for 36 months and is not subject to change during that period.
CITY OF ANDERSON & UNINCORPORATED AREAS OF SHASTA COUNTY
Pacific Gas & Electric Company offers an Economic Development Rate (EDR) of 12 percent Standard Discount for five-years on electricity in Shasta County to eligible businesses. These rates are available to commercial and industrial businesses with 150 kW minimum threshold energy loads, as well as to small businesses below 150 kW, that currently operate or are considering operating in California. An 18% Enhanced Discount is available in the cities of Anderson and Shasta Lake.
NEW EMPLOYMENT CREDIT
Credit for each full-time employee hired based on wages that exceed 150% of the State minimum wage. Employee must meet certain qualifications. To be allowed the credit the business must be a qualified taxpayer within a designated geographic area and must have a net increase in the total number of full-time employees.
A Tentative Credit Reservation from Franchise Tax Board (FTB) is needed to qualify an employee for purposes of computing the credit. You will be able to request a TCR beginning on January 1, 2014. You must submit your application online. You will receive an immediate confirmation. You must request a TCR within 30 days of completing the Employment Development Department (EDD) New Hire Reporting Requirements.
MANUFACTURING, BIOTECH, R&D EQUIPMENT
Manufacturers and R&D industries can obtain a partial exemption of sales tax on certain manufacturing and research and development equipment purchases on the state tax rate portion, currently at 3.9375%, until June 30, 2022. When you make a purchase or lease you must provide the seller with a partial exemption certificate to obtain the reduced tax rate. Construction contractors performing a contract to construct or improve a special purpose building for a qualifying business may also purchase materials, fixtures, machinery and equipment under the partial exemption.
CALIFORNIA COMPETES CREDIT
The California Competes Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements will be negotiated by GO-Biz and approved by a newly created “California Competes Tax Credit Committee”
INDUSTRIAL DEVELOPMENT BONDS
Tax exempt securities for acquisition, construction, rehab and equipping manufacturing facilities. Low interest rate 20-30% below commercial, up to 30 years.
R&D TAX CREDITS
Tax credits for in-house research expenses and a 24% credit for basic research payments to outside organizations.
CALIFORNIA EMPLOYMENT TRAINING
Job training funds available to all California manufacturing companies, or relocating to California from other states or countries. Provides funds for trainees who successfully complete training and are retained in well-paying jobs for a specific period of time.
WORK OPPORTUNITY TAX CREDIT
An employer may qualify for a tax credit of up to $9,600 per employee if the employee is a member of a designated target group and meets that group’s specific requirements. Application must be completed and submitted within 28 days of hire.
Target Groups that Qualify for WOTC:
- Qualified short-term recipients of Temporary Assistance to Needy Families (TANF)
- Qualified veterans receiving Food Stamps or with a service connected disability or unemployed
- Ex-felons hired no later than one year after conviction or release from prison
- Vocation rehabilitation referral
- Qualified Food Stamp recipients ages 18 through 39
- Qualified Supplemental Security Income recipient (SSI)
- Qualified long-term family assistance recipient
FEDERAL CONTRACT PREFERENCE
The HUBZone Program stimulates economic development and creates jobs in urban and rural communities by providing Federal contracting preferences to small businesses. These preferences go to small businesses that obtain HUBZone certification in part by employing staff who live in a HUBZone. The company must also maintain a “principal office” in one of these specially designated areas. Shasta County has 13 census tracts that qualify.
Business Taxes
| Tax | Base or Measure | Rate | Agency |
|---|---|---|---|
| Corporation Income or Bank and Corporation Franchise Tax | Combined net income apportioned to California | 8.84% | Franchise Tax Board |
| Sales and Use Tax | Receipts from sales or lease of taxable items | 7.25-9.75% | Board of Equalization |
| Property Tax | 100% of Assessed Valuation | Avg. 1.1% | Board of Equalization |
| Personal Income Tax | Taxable personal income | 1-12.3% | Franchise Tax Board |
| Unemployment Insurance Tax (aka Payroll Tax) | First $7,000 of wages per employee per year | Max 6.2% | Employment Development Department |
| Disability Insurance (employee paid) | First $104,378 of wages | 0.9% | Employment Development Department |
| Finished Goods, Raw Materials, and Inventory Tax | NONE | NONE | NONE |
| Workers’ Compensation Insurance | Per $100 of payroll | Varies based on job classification, workplace safety record, and insurance carrier | Department of Insurance, Department of Industrial Relations |
| Tax | Base or Measure | Rate |
|---|---|---|
| Corporation Income or Bank and Corporation Franchise Tax | Combined net income apportioned to California | 8.84% |
| Sales and Use Tax | Receipts from sales or lease of taxable items | 7.25-9.75% |
| Property Tax | 100% of Assessed Valuation | Avg. 1.1% |
| Personal Income Tax | Taxable personal income | 1-12.3% |
| Unemployment Insurance Tax (aka Payroll Tax) | First $7,000 of wages per employee per year | Max 6.2% |
| Disability Insurance (employee paid) | First $104,378 of wages | 0.9% |
| Finished Goods, Raw Materials, and Inventory Tax | NONE | NONE |
| Workers’ Compensation Insurance | Per $100 of payroll | Varies based on job classification, workplace safety record, and insurance carrier |
We’re proud to promote
The company we keep
Available properties and shovel ready sites
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