Income taxes: exclusion: Carl Moyer Memorial Air Quality Standards Attainment Programs grants.
Should this bill be enacted, it would result in notable modifications to existing income tax laws, particularly benefiting taxpayers who participate in the Carl Moyer Program. The tax exclusion is in effect until January 1, 2024, which motivates the adoption of vehicles and equipment that meet stringent emission standards. Furthermore, the bill mandates that air districts provide certification for the amounts issued and share data with the Franchise Tax Board, ensuring compliance and transparency in program administration.
Assembly Bill 2008 seeks to amend sections of the Revenue and Taxation Code to provide a tax exclusion for amounts received by individuals under the Carl Moyer Memorial Air Quality Standards Attainment Programs. This program encourages the purchase of new zero or low-emission engines, contributing to California's efforts to improve air quality and reduce greenhouse gas emissions. By exempting such funds from gross income, the bill intends to stimulate investments in cleaner technologies, which is crucial in addressing air pollution and improving public health in the state.
The sentiment surrounding AB 2008 appears largely positive, with proponents emphasizing the environmental benefits and economic incentives associated with promoting clean technologies. Stakeholders, including environmental advocacy groups and certain lawmakers, likely view this legislative move as a critical step toward achieving California's ambitious climate goals. However, there may be concerns regarding the ongoing funding and effectiveness of the program until its expiration date in 2024.
Notable points of contention may arise from the fiscal implications of sustained funding for the Carl Moyer Program and the effectiveness of tax incentives alone in achieving broader environmental targets. Some critics might argue that the bill does not sufficiently address potential local budgetary impacts due to the mandate for reporting by air districts or the possible future financial burdens if the program is extended beyond 2024. This bill underlines the complexity of balancing environmental objectives with fiscal responsibility in state governance.