Bill > SB1120

This bill amends existing California tax laws to allow businesses in "strategic industries," defined as those involved in developing nuclear fusion technologies, quantum technology, or other industries identified in the California Jobs First State Economic Blueprint, to elect to have their California Competes Tax Credit (a credit against personal or corporation income tax for businesses that create or retain jobs and invest in California) be refundable. This means that if the credit amount exceeds the tax owed, the excess can be paid out from the Tax Relief and Refund Account, effectively providing a cash refund to the taxpayer, for taxable years beginning on or after January 1, 2026, and before January 1, 2030.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB1120