On May 14, 2021, California Governor Gavin Newsom revealed his revised FY ’22 budget proposal, which now includes a new $100 billion California Comeback Plan to be funded via the state’s budget surplus and federal COVID relief dollars.
Of particular interest to businesses, the plan proposes to double the existing CalCompetes tax credit incentive to $360 million, and interestingly, envisions a new $250 million CalCompetes grant program to encourage businesses to relocate to California.
The Governor also has proposed other changes that might be relevant to expanding or relocating businesses that merit watching. The Governor’s revised budget and the $100 billion Comeback Plan are likely to pass the Democratic-dominated state Assembly and Senate, but not without some give and take.
BLS & Co will be carefully monitoring the deliberations in Sacramento and will be providing updates as warranted. Please contact Andy Shapiro at email@example.com for more info.