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GoBiz seeks $60 million to relaunch Cal Competes grant program; LAO urges tighter eligibility oversight
Summary
GoBiz asked the subcommittee to reauthorize $60 million for the California Competes grant program, which provides awards to companies that cannot take a nonrefundable tax credit; LAO supported the concept but urged clearer, observable eligibility criteria and oversight.
Scott Dossick, deputy director of the California Competes program at the Governor's Office of Business and Economic Development (GoBiz), asked the subcommittee to approve a $60 million allocation to revive the California Competes grant program. Dossick said the grant addresses a known limitation of the nonrefundable tax credit: some companies lack tax liability to monetize credits, so a grant makes California competitive for projects that otherwise would relocate out of state.
Dossic…
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