SB 1329

Bill Subjects

Abstract

Existing law requires the State Energy Resources Conservation and Development Commission to develop and implement the Electric Program Investment Charge program for the purpose of awarding funds to projects that may lead to technological advancement and breakthroughs to overcome barriers that prevent the achievement of the state's statutory energy goals and that may result in a portfolio of projects that are strategically focused and sufficiently narrow to make advancement on the most significant technological challenges. Existing law authorizes an individual to contribute amounts in excess of their personal income tax liability for the support of specified funds. Under existing law, there are general administrative provisions applicable to these voluntary contributions, which, among other things, provide for the disbursement of contributions following the repeal of the fund's provisions and require undesignated funds to be transferred to the General Fund. Existing law requires any new or extended voluntary contribution to include the words "voluntary tax contribution" in the name of the fund, to require the administering agency to include specified information about the fund on its internet website, to continuously appropriate from the fund the contributions made to the administering agency, to set a minimum contribution amount for the continuation of any voluntary tax contribution on the tax return form, and to include a generally applicable repeal date for a voluntary tax contribution. This bill would establish the Climate Innovation Grant Program, to be administered by the Strategic Growth Council or another entity identified by the council that it determines to have the appropriate skills necessary to successfully implement this program. The bill would establish the Climate Innovation Fund, a special fund, in the State Treasury and would continuously appropriate the moneys in the fund to the council for purposes of the program. Once the Climate Innovation Fund accrues $2,000,000, the bill would require the council or the entity implementing the program to notify the Franchise Tax Board and would require the program to award grants for the development and research of new innovations and technologies that either reduce emissions of greenhouse gases or address impacts caused by climate change. The bill would repeal the program on January 1, 2031. This bill would allow an individual to designate on their tax return that a specified amount in excess of their personal income tax liability be transferred to the Climate Innovation Voluntary Tax Contribution Account, which would be created by this bill. The bill would conform with those aforementioned administrative requirements by continuously appropriating those funds to the Franchise Tax Board and the Controller for administrative costs and to the Climate Innovation Fund, as specified. The bill would also conform by requiring the Strategic Growth Council to comply with certain internet website reporting requirements. The bill would make the voluntary tax contribution provisions operative upon notification of the Franchise Tax Board that the fund has accrued $2,000,000. The bill would repeal these provisions as of the sooner of December 1 of the year that the minimum contribution amount of $250,000 is not met or by a specified repeal date. By continuously appropriating these funds, the bill would make an appropriation.