Greenhouse Gas Reduction Fund: high-speed rail expenditures: gasoline rebates.

The California Global Warming Solutions Act of 2006 designates the State Air Resources Board as the state agency charged with monitoring and regulating sources of emissions of greenhouse gases. The act authorizes the state board to include in its regulation of those emissions the use of market-based compliance mechanisms. Existing law requires all moneys, except for fines and penalties, collected by the state board from the auction or sale of allowances as part of a market-based compliance mechanism to be deposited in the Greenhouse Gas Reduction Fund. Existing law continuously appropriates 25% of the annual proceeds of the fund to the High-Speed Rail Authority for certain purposes. This bill would require the Controller to transfer the sum of $3,000,000,000, from the unencumbered moneys appropriated to the authority before January 1, 2025, from the Greenhouse Gas Reduction Fund to the General Fund. The bill would specify that the transferred moneys, upon appropriation, are available to provide the owner of every gasoline-powered passenger vehicle, as defined, registered in the state with a $100 rebate to offset California's high gasoline prices.