Preheat oven to 350°F (176°C) and prepare three 8 inch cake pans with non-stick baking spray and parchment paper in the bottom.
In a medium sized bow, whisk together the flour, baking powder, baking soda, spices and salt and set aside.
Add the butter, sugar, and oil to a large mixing bowl and beat together until light in color and kind of fluffy, about 3-4 minutes.
Add the eggs one at a time, mixing until mostly combined after each addition. Scrape down the sides of the bowl as needed.
Add half of the dry ingredients to the batter and mix until mostly combined.
Add the vanilla extract and pumpkin puree and mix until well combined.
Add the remaining dry ingredients and mix, scraping down the sides as necessary, until just combined and smooth.
Use a spatula to fold in the chocolate chips.
Divide the batter evenly between the prepared cake pans and bake for 25 minutes or so, or until a tester comes out mostly clean.
Allow cake layers to cool completely before frosting or decorating.