CA SB1120

Allows taxpayers in "strategic industries" to elect for the California Competes Tax Credit to be refundable for taxable years beginning January 1, 2026, through January 1, 2030, with excess credits paid from the Tax Relief and Refund Account.

Defines "strategic industry" as industries involved in developing nuclear fusion technologies, quantum technology, or other industries identified in the California Jobs First State Economic Blueprint.

Requires taxpayers seeking the refundable credit option to inform GO-Biz of their strategic industry status and elect refundability either when applying for the credit or within six months of the bill's effective date.

Requires GO-Biz to inform the Franchise Tax Board whether a taxpayer is in a strategic industry and whether they have elected the refundable credit option.

Makes an appropriation by increasing payments from the continuously appropriated Tax Relief and Refund Account, requiring a 2/3 vote for passage.