The California Senate Revenue and Taxation Committee has advanced SB 1120, a bill authored by Senator Jerry McNerney to strengthen and expand the California Competes Tax Credit (CalCompetes) program and boost the state’s innovation economy. The legislation would make CalCompetes tax credits refundable for businesses in strategic industries, ensuring California remains competitive in attracting and retaining cutting-edge companies in sectors like fusion energy, quantum computing, semiconductors, and zero-emission vehicles.