The California Blueprint 2022 has three core strategies in the budget 2022-23 that the Office of the Governor will rely upon to accelerate economic growth and create jobs.
We Covered this in Our Weekly Wire Round up
1- Tax Credits
The Budget restores business tax credits, including research and development credits and net operating losses that were limited during the COVID-19 Recession.
- $250 million per year for three years to companies investing in research to mitigate climate change
- Green Energy Technologies: A new tax credit for those opting to develop green energy technologies—totaling $100 million per year for three years.
- Naturally occurring resources of lithium—
2- Direct investments in Climate-related Research
The budget for 2022-23 includes $185 million for applied research, regional networks of climate-focused technology incubators, and workforce development and training hubs.
Another key aspect of this budget is the allocation of $20 Billion in infrastructure-related investments to prepare and protect California communities from climate change.
3- Direct Business Support
- $150 million one-time General Fund to support small businesses
- $1.5 billion Proposition 98 General Fund to support the development of college and career pathways
- $1.7 billion to expand the state’s health and human services workforce
- $35 million General Fund for the UC to create a regional workforce development and training hubs
- $215 million General Fund over two years to support an oil and gas well-capping initiative
Numbers alone do not tell the whole picture about the budget. Governor Newsom explained the five priorities his ‘California Blueprint’ budget aims to tackle. These include:
- COVID-19
- Homelessness
- Inequality
- Safety on Streets
- Climate Change & Electrification
Here, you can read our initial coverage of the California Blueprint 2022-23 Budget.
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