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Panel considers $60 million proposal to revive California Competes grant program
Summary
GO‑Biz and California Competes officials described a proposed $60 million grant round to reach businesses that cannot monetize the non‑refundable California Competes tax credit, while the Legislative Analyst's Office urged clearer eligibility criteria and oversight.
Scott Dossick, deputy director for the California Competes grant program at GO‑Biz, told the Assembly Budget Subcommittee 5 the governor's budget includes $60,000,000 to resume the California Competes grant program to reach businesses that cannot use the non‑refundable tax credit.
Dossick explained the difference between the tax credit and the grant: the California Competes tax credit is non‑refundable and some firms cannot monetize it if they have little state tax liability. He said the grant mirrors the credit's contractual structure — awardees sign five‑year agreements with milestones for job…
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