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Public Policy Newsletter Article

Newsom Unveils Revised State Budget

  • 2021-05-20T15:00:00.000+0000
  • Author: Jimmy Jackson

On Friday, May 14, Governor Gavin Newsom announced his May Revision to his proposed 2021-22 state budget. The May Revision includes the most current information legislators and the Governor have before the enactment of the state budget. The Governor announced the budget surplus from the current year’s budget is $75.7 billion, with $34 billion of that being discretionary dollars.

The Governor outlined his vision for a $100 billion “California Comeback” plan, which would include stimulus checks for 2/3 of Californians, renter and utility assistance for those in crisis from effects of the pandemic, and increasing the CalCompetes tax credit program to $360 million.

The Legislature will now spend the next month crafting its own variation of a budget prior to a Constitutionally mandated passage of a state budget through both houses of the Legislature by June 15. Biocom California will keep you informed of changes as they develop.