California Assembly Bill AB1550 Introduced / Bill

 BILL NUMBER: AB 1550INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Gomez JANUARY 4, 2016 An act to amend Section 39713 of the Health and Safety Code, relating to greenhouse gases. LEGISLATIVE COUNSEL'S DIGEST 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 1. Section 39713 of the Health and Safety Code is amended to read: 39713. (a) The investment plan developed and submitted to the Legislature, pursuant to Section 39716, shall allocate a minimum of 25 percent of the available moneys in the fund to projects  that provide benefits to   located within the boundaries of  communities described in Section 39711. (b) The investment plan shall allocate a minimum of  10   25  percent of the available moneys in the fund to projects  located within communities described in Section 39711.   that benefit low-income households.   (c) The allocation pursuant to subdivision (b) may be, but need not be, for projects included, in whole or in part, in the set of projects supported by the allocation described in subdivision (a).   (c) Moneys spent pursuant to subdivision (a) shall not count toward the minimum requirement described in subdivision (b), and moneys spent pursuant to subdivision (b) shall not count toward the minimum requirement described in subdivision (a).