SAN JOSÉ, CA (January 10, 2022) —Ahmad Thomas, CEO of the Silicon Valley Leadership Group, issued the following statement today in response to the release of Governor Newsom’s proposed budget for FY 2022-23:“As California enters the third year of an unprecedented global pandemic, we thank Governor Newsom for proposing a budget designed to tackle existing challenges and provide a strong framework for growth and renewal.Silicon Valley remains the best place on Earth for innovation, yet our region’s value proposition is vulnerable to the challenges of the pandemic, shifting dynamics tied to a remote or hybrid workforce, climate impacts, and the ever-rising cost of living.Our record-breaking budget surplus makes this an ideal time to fuel growth by investing in our state and enacting policies that safeguard our innovation infrastructure, providing an opportunity to create shared value for all Californians.It remains vital that we focus on ensuring our state remains a competitive place to do business. We strongly support the Governor’s proposal to restore the critical business tax credits and net operating loss deductions that were previously suspended and capped under AB 85 (2020).Much work remains to be done as the problems that face our state are complex and solutions must be ambitious. SVLG’s outstanding budget and policy priorities go to the heart of improving the economic and quality of life of not just our region, but all of California. To this end, SVLG and its world-leading member companies are poised to work with the Governor in order to lay a strong foundation for the future, one that increases equity and earnestly addresses the challenges that face our state.”