The governor says the legislative initiative is meant to create or retain at least 100,000 jobs.
"We are not going to wait for the world, for the recession to come back. We are not going to wait for Washington to come up with a plan to create jobs. We are creating our own plan to create the jobs, "said Schwarzenegger.
The plan includes wiping out the sales tax in green manufacturing, jobs training programs and other tax incentives for homeowners and businesses.