AB 1550, as introduced, Gomez. Greenhouse gases: investment plan: disadvantaged communities.
The California Global Warming Solutions Act of 2006 designates the State Air Resources Board as the state agency charged with monitoring and regulating sources of emissions of greenhouse gases. The act requires the board to adopt greenhouse gas emission limits and emission reduction measures by regulation, and authorizes the state board to include the use of market-based compliance mechanisms to comply with the regulations. Existing law requires all moneys, except for fines and penalties, collected by the state board as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund and to be available upon appropriation. Existing law requires the Department of Finance, in consultation with the state board and any other relevant state agency, to develop, as specified, a 3-year investment plan for the moneys deposited in the Greenhouse Gas Reduction Fund. Existing law requires the investment plan to allocate a minimum of 25% of the available moneys in the fund to projects that provide benefits to disadvantaged communities and a minimum of 10% to projects located in disadvantaged communities. Existing law provides that the allocation of 10% for projects located in disadvantaged communities may be used for projects included in the minimum allocation of 25% for projects that provide benefits to disadvantaged communities.
This bill would instead require the investment plan to allocate a minimum of 25% of the available moneys in the fund to projects located within disadvantaged communities and a separate and additional 25% to projects that benefit low-income households.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 39713 of the Health and Safety Code is
2amended to read:
(a) The investment plan developed and submitted to
4the Legislature, pursuant to Section 39716, shall allocate a
5minimum of 25 percent of the available moneys in the fund to
6projectsbegin delete that provide benefits toend deletebegin insert located within the boundaries ofend insert
7 communities described in Section 39711.
8(b) The investment plan shall allocate a minimum ofbegin delete 10end deletebegin insert 25end insert
9 percent of the available moneys in the fund to
projectsbegin delete located begin insert
that benefit
10within communities described in Section 39711.end delete
11low-income households.end insert
12(c) The allocation pursuant to subdivision (b) may be, but need
13not be, for projects included, in whole or in part, in the set of
14projects supported by the allocation described in subdivision (a).
15(c) Moneys spent pursuant to subdivision (a) shall not count
16toward the minimum requirement described in subdivision (b),
17and moneys spent pursuant to subdivision (b) shall not count
18toward the minimum requirement described in subdivision (a).
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