The proposed law will reduce taxes on income from selling environmental credits.
The California Senate bill allows Californians to withdraw federal tax benefits available in 45 other states.
State Sen. Steve Padilla (D-San Diego) has introduced the bill February 10th. It was co-authored by the Energy Chairs of Congress and Senate.
Brian Jones, a minority leader in California Senators, said SB 302 is a common sense reform to help California fit with other states that do not tax California from federal law and environmental credit sales. He told the Epoch Times.
“It’s ridiculous that the government is selling these credits to promote clean energy, but it’s just spinning and taxing revenues as income,” Jones told the Epoch Times in an email.
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“This double dip will undermine the incentives to raise costs, discourage and promote investment. The state’s affordable crisis will reduce energy costs and provide much-needed relief. We have to pursue options. This bill is a good step in the right direction.”
“California is unique among states in failing to conform state taxes to the federal tax system, with tax payers paying prices,” Doyle said.
According to SB 302, California must almost double its clean energy capacity over the next five years to achieve climate and energy targets, including a net zero carbon economy through laws and guidelines by 2045. It won’t be.
Additionally, SB 1020 states will provide 100% of the electricity sourced to serve all state agencies by December 31, 2035, and by December 31, 2045, all retail sales. You need to supply 100%..
SB 302 will help the state achieve these ambitious goals, officials said.
“California needs more energy,” Padilla said in a statement. “Updating tax laws to comply with federal law will help make energy projects cheaper and more affordable for all Californians.”
