California Climate Cashback Program.

Existing law establishes the State Air Resources Board as the state agency responsible for monitoring and regulating sources emitting greenhouse gases. Existing law, the California Global Warming Solutions Act of 2006, requires the state board to ensure that statewide greenhouse gas emissions are reduced to at least 40% below the 1990 level by 2030. Existing law declares the policy of the state to achieve net zero greenhouse gas emissions as soon as possible, but no later than 2045, and to achieve and maintain net negative greenhouse gas emissions thereafter. This bill would establish the California Climate Cashback Program to be administered by the Franchise Tax Board for the purpose of mitigating the costs of transitioning to a low-carbon economy. The bill would require the Franchise Tax Board to develop and implement the program to deliver quarterly per capita cashback payments to all residents of the state and to maximize the ease with which residents of the state may enroll in the program, as specified. The bill would require moneys in the California Climate Cashback Fund, which the bill would create, to be allocated for this purpose, upon appropriation by the Legislature.