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.

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 that opt in 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 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 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

You can read our initial coverage of the California Blueprint 2022-23 Budget here.

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