SB 775 (Wieckowski) California Global Warming Solutions Act of 2006: market-based compliance mechanisms.
Revises the market-based compliance (cap and trade) program starting in 2021. Sets a new initial minimum reserve price at $20 per allowance and an initial auction offer of $30 per allowance. Reserve prices would increase by $1.25 each quarter plus CPI. The Air Resources Board could also revise the definition of covered entity. The Board would also establish an Economic Competitive Assurance Program to ensure that importers that sell, supply, or offer for sale a greenhouse gas emission intensive product have economically fair and competitive conditions and to maintain economic parity between producers that are subject to the market-based program of emissions limits and those who sell like goods instate that are not subject to that program.
Revenues would be deposited in the California Climate Infrastructure Fund, the California Climate Dividend Fund, and the California Climate and Clean Energy Research Fund. The bill would require the Franchise Tax Board, in consultation with the Climate Dividend Access Board, which the bill would establish, to develop and implement a program to deliver quarterly per capita dividends to all residents of the state that would maximize the ease with which residents of the state may enroll in the program.
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|Last Updated:||May 8, 2017|