Existing law establishes the State Air Resources Board (ARB) as the state agency responsible for monitoring and regulating sources emitting greenhouse gases (GHGs) and requires the ARB to ensure that statewide GHGs are reduced to at least 40% below the 1990 level by 2030. Existing law declares the policy of the State to achieve net zero GHGs as soon as possible, but no later than 2045, and to achieve and maintain net negative GHG emissions thereafter.
AB 858 would establish the California Climate Cashback Program to be administered by the Franchise Tax Board for the purpose of mitigating the costs of transitioning to a low-carbon economy. The bill would require the Franchise Tax Board to develop and implement the program to deliver quarterly per capita cashback payments to all residents of the State and to maximize the ease with which residents of the State may enroll in the program. The bill would require moneys in the California Climate Cashback Fund, which the bill would create, to be allocated for this purpose, upon appropriation by the Legislature.
Committee location: Introduced February 14, committee assignment pending.