A California bill would expand the range of companies that can qualify for a lucrative yet difficult-to-use tax credit program meant to encourage business growth in the state.
The bill (S.B. 1120) introduced Tuesday seeks to make it easier for companies, especially tech and startups, to access the California Competes program’s tax breaks by allowing the credits to be monetized and refundable.
California Competes was created in 2013 and gets $180 million in available income tax credits each year to award companies that are either moving to or expanding within the state. The program is supported by Gov. Gavin Newsom …