Gov. Newsom Offers Tax Credit Expansion, SALT Cap Buffer (1)

California Gov. Gavin Newsom wants to expand several business tax credits as part of a larger recovery plan for the state’s economy.

Newsom, a Democrat, will ask lawmakers to approve the changes in a state budget plan he will release Jan. 8 to help bounce back from the pandemic, he said Tuesday.

The plan includes increasing annual funding for the California Competes tax credit from $180 million to $270 million in the current fiscal year and the next fiscal year, and adding $250 million for a one-time grant program. The California Competes credit was created in 2014 as an economic ...