AB 906

Bill Subjects

Abstract

The Economic Revitalization Act establishes the Governor's Office of Business and Economic Development, also known as GO-Biz, to serve as the Governor's lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. The office, among others, makes recommendations to the Governor and the Legislature regarding policies, programs, and actions to advance statewide economic goals. This bill would require the economic development activities of this state to be guided by the policies, priorities, and actions identified in the California Economic Development Strategic Action Plan, which would, among other things, set a comprehensive agenda and framework for the purposes of supporting regional economic priorities, increasing the state's overall national and international competitiveness, and resulting in inclusive economic growth. This bill would require GO-Biz to facilitate the development of the action plan through a public engagement process that includes local and regional stakeholders, and to post the first action plan on its internet website on or before January 10, 2021. The bill would require, by July 1, 2020, GO-Biz to prepare or cause to be prepared an economic status report before the development of the action plan that would include, among other things, an evaluation of California's national and international competitiveness, as specified. This bill would require the action plan to be reviewed biennially and revised every 5 years in accordance with certain requirements. Existing law creates the California Economic Development Fund in the State Treasury for the purpose of receiving federal, state, local, and private economic development funds, which, upon appropriation by the Legislature, may be expended by GO-Biz to provide matching funds for loans or grants to public and private entities and for other economic development purposes. The bill would authorize GO-Biz to accept nonstate moneys for the purposes of preparing, developing, and updating the economic status report and the action plan. The bill would require the deposit of any amounts received by GO-Biz into the Economic Action Plan Account, which this bill would establish in the California Economic Development Fund. This bill would make those amounts available to the office for those purposes upon appropriation by the Legislature.