Eggman introduces bill expanding funding for green technology investments
SACRAMENTO –Assemblymember Susan Talamantes Eggman has introduced legislation increasing the funding and flexibility of a state tax exemption program that encourages projects that develop and use alternative energies.
The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) currently offers $100 million a year in sales and use tax exemptions to encourage the development of alternate energies. Previously funded projects include the manufacturing of electric vehicles and their batteries, biomass processing and fuel production and solar photovoltaic production.
AB 1683 would double the sales and use tax exemption amount offered to $200 million from $100 million a year and authorizes CAEATFA to rollover any unused funds to the following year.
“The consequences of climate change can no longer be ignored,” Assemblymember Eggman said. “We need to look at all tools at our disposal not only to make sure that we are doing everything possible to mitigate climate change’s effect on California, but also to ensure the state and its residents remain at the forefront of environmental entrepreneurship and stewardship. It’s time to expand this proven program that promotes economic development and a greener economy.”
CalRecycle estimates that meeting the state’s recycling goals with in-state infrastructure could generate an additional 110,000 jobs on top of the 125,000 Californians already employed in recycling.
Californians Against Waste, a co-sponsor of a related bill last year, supports this measure: “We are pleased to support AB 1683, which will expand the incredibly successful California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) program,” Nick Lapis, legislative coordinator for Californians Against Waste said. “This program has a proven track record of supporting the growth of companies that create both an environmental and economic benefit for the state, including a recent expansion to include the state’s recycling businesses which are expected to generate millions of dollars in new investments in recycling, as well as in manufacturing products with recycled content. We especially commend Assembly Member Eggman for her continued leadership in attracting green businesses to the state.”
“The California Manufacturers and Technology Association is proud to support AB 1683. This measure promotes investment in advanced manufacturing and new technology in California and supports growth in the manufacturing sector by making California’s tax policy more competitive with other states,“ said Dorothy Rothrock, President of California Manufacturers & Technology Association (CMTA).
AB 1683 follows AB 199, a previous bill by Assemblymember Eggman that expanded CAEATFA’s sales and use tax exemption to include recycled feedstock. AB 1683 will be referred to a policy committee in the spring.