Yamaha Corp. of America, the Buena Park subsidiary of the giant Japanese musical instrument and audiovisual equipment maker, agreed to remain in California, rather than move to Texas or Tennessee, after the state granted it a $3 million tax break last month.
The global company, which has operated its U.S. marketing and sales divisions from Orange County since 1971, told California officials it would move out of state without the tax credit.
The incentive, shrinking the company’s corporate tax burden over five years, rewards Yamaha for investing $46 million in a new California campus and boosting its workforce of 350 by another 66 full-time employees.
The average annual salary of the new workers will be $56,400, according to Yamaha’s agreement with Gov. Jerry Brown’s Office of Business and Economic Development, or GO-Biz.
Go-Biz’s California Competes Tax Credit program, enacted in 2013, awarded $243 million in tax breaks this year to encourage businesses to expand or remain in California, up from $200 million last year.Read The Mercury News for complete story.