California Blueprint 2022: Three Strategies for Economic Growth and Job Creation

By: Sharjeel Sohaib

• 

Jan 29, 2022

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California Blueprint

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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—
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California Blueprint 2022: Three Strategies for Economic Growth and Job Creation 4

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

Source: City of Cupertino

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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