Alternative energy financing.

The California Alternative Energy and Advanced Transportation Financing Authority Act establishes the California Alternative Energy and Advanced Transportation Financing Authority, consisting of 5 specified state officials. The act authorizes, until January 1, 2021, the authority to provide financial assistance in the form of a sales and use tax exclusion for projects, including those that promote California-based manufacturing, California-based jobs, advanced manufacturing, the reduction of greenhouse gases, or the reduction in air and water pollution or energy consumption. The act prohibits the sales and use tax exclusions for these projects from exceeding $100,000,000 for each calendar year. This bill would specify that if less than $100,000,000 is granted in a calendar year, the unallocated amount may roll over to the following calendar year. The bill would increase the membership of the authority to 7, with the Senate Committee on Rules and the Speaker of the Assembly each appointing one state legislator as a nonvoting member. The bill would declare the intent of the Legislature that the authority approve these project applications on a competitive basis.