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LAO flags fiscal tradeoffs of curtailing Cal Competes tax‑credit recycling; pot has grown to roughly $650 million
Summary
LAO told the Senate subcommittee that the Cal Competes tax credit program has built a recycled balance of about $650 million, and that disallowing credit recycling could modestly boost state revenues in out‑years but would limit GoBiz's ability to make large awards in years with many high‑value applications.
The Legislative Analyst's Office presented analysis of the California Competes tax credit program, explaining how unused and recaptured credits have accumulated and what would happen if the Legislature disallowed recycling those credits.
LAO told the subcommittee the statutory allocation is $180 million per year, but GoBiz has been awarding on average about $210 million in commitments when including recycled balances. Because many credits are…
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