Bill Text: CA AB192 | 2025-2026 | Regular Session | Amended
Bill Title: Energy: transmission infrastructure accelerator: financing.
Sponsorship: Committee Bill
Status: (Enrolled) 2026-08-31 - Senate amendments concurred in. To Engrossing and Enrolling. [AB192 Detail]
Download: California-2025-AB192-Amended.html
|
Amended
IN
Senate
August 28, 2026 |
CALIFORNIA LEGISLATURE—
2025–2026 REGULAR SESSION
Assembly Bill
No. 192
| Introduced by |
January 08, 2025 |
An act relating to the Budget Act of 2025. to amend Sections 11126, 12100.111, 63049.71, 63049.72, 63049.73, 63049.74, and 63050 of, and to add Section 12100.111.5 to, the Government Code, and to amend Sections 17053.40 and 23640 of the Revenue and Taxation Code, relating to energy, and making an appropriation therefor, to take effect immediately, bill related to the budget.
LEGISLATIVE COUNSEL'S DIGEST
AB 192, as amended, Committee on Budget.
Budget Act of 2025. Energy: transmission infrastructure accelerator: financing.
(1) Existing law creates the Energy Unit within the Governor’s Office of Business and Economic Development (GO-Biz) and requires the unit to establish a Transmission Infrastructure Accelerator (accelerator), in coordination with certain entities, for purposes of developing a financing and development strategy for eligible transmission projects receiving financing pursuant to specified provisions of the act. As part of its duties, existing law requires the accelerator to select accelerator projects that have the opportunity to receive public financing.
Existing law provides for the establishment of an Independent System Operator (ISO) as a nonprofit public benefit corporation and requires the ISO to ensure efficient use and reliable
operation of the electrical transmission grid consistent with achieving planning and operating reserve criteria no less stringent than those established by the Western Electricity Coordinating Council and the North American Electric Reliability Council.
This bill would require the accelerator to evaluate the draft results of the ISO’s transmission planning process. The bill would authorize the accelerator to select, upon the release of the approved transmission planning process, one or more eligible transmission projects that may have the opportunity to receive public financing, as described. The bill would instead require that the accelerator ensure that selected transmission projects eligible for public financing meet specified criteria, and that the project sponsors seeking funding for the selected transmission project meet specified criteria. The bill would require the California Infrastructure and Economic Development Bank’s (I-Bank), at the direction of the
accelerator, to confer with project sponsors and develop financial proposals to finance the project or projects, as described. The bill would make conforming changes.
Existing law sets forth the criteria transmission projects must satisfy to be eligible to receive public financing.
This bill would require the developer and owner of an eligible transmission project to certify, under penalty of perjury, certain information about contractors working on the project to continue to be eligible to receive public financing. By expanding the crime of perjury, the bill would impose a state-mandated local program.
The Bagley-Keene Open Meeting Act, requires, with specified exceptions, that all meetings of a state body be open and public and all persons be permitted to attend. The act provides that it does not prevent specified state entities from holding closed sessions for specified
purposes, including the Department of Resources Recycling and Recover from holding closed sessions for the purpose of discussing confidential tax returns, discussing trade secrets or confidential or proprietary information in its possession, or discussing other data, the public disclosure of which is prohibited by law.
This bill would provide that the act does not prevent the board of I-Bank from holding closed sessions when considering an accelerator financing plan pursuant to the provisions described above or discussing trade secrets or confidential or proprietary information in its possession.
Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest.
This bill would make legislative findings to that effect.
(2) Existing law authorizes the I-Bank to provide financial assistance under the California Transmission Accelerator Revolving Fund Program (program) to any eligible participating party in connection with the financing or refinancing of an accelerator project, as specified. Existing law confers final authority to provide financial support to an accelerator project, as defined, to the accelerator. Existing law provides that these provisions remain in effect only until January 1, 2031, repeals these provisions as of that date, and requires that any project approved for financing by the bank pursuant to these provisions before that date to have its financing terms remain in force for the duration of the contract.
This bill would instead assign final authority to provide financial assistance to
the I-Bank, consistent with specified objectives and requirements of the accelerator. The bill would require the I-Bank to consider the credit and financial aspects of a project before approving and financing the project. The bill would also modify certain definitions applicable to the program. The bill would require the accelerator to develop program guidelines by December 31, 2027, as specified. The bill would extend the repeal date described above to January 1, 2036.
Existing law creates the California Transmission Accelerator Revolving Fund (revolving fund) for purposes of providing financial assistance under the program and continuously appropriates those moneys. Existing law also makes available, upon appropriation by the Legislature, moneys in the California Infrastructure and Economic Development Bank Fund (bank fund) for purposes of funding the program.
This bill would require the revolving fund to be separate from
any other fund or account under the I-Bank and would authorize certain additional investments and deposits to be made, among other things. The bill would require the revolving fund to be organized as a public enterprise fund. The bill would also remove limitation on moneys in the bank fund being made available for expenditure for program financing only upon appropriation by the Legislature.
By expanding the revenue sources of a continuously appropriated fund, and by expanding the purposes for which moneys in a continuously appropriated fund may be used, the bill would make an appropriation.
(3) The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. Existing law allows a credit against those taxes for each taxable year beginning on or after January 1, 2026, and before January 1, 2036, in an amount equal to 20% of the qualified expenditures
paid or incurred by the qualified taxpayer during the taxable year, not to exceed $20,000,000 per qualified taxpayer per taxable year. Under that law, a qualified expenditure means costs paid or incurred for planning, design, engineering, permitting, construction, and equipment directly related to the eligible transmission project or qualified wages paid or incurred to employees of a qualified taxpayer that perform services directly related to the eligible transmission project. Existing law defines the term “eligible transmission project” for these purposes.
This bill would revise the definition of eligible transmission project to require that the project meet the criteria for accelerator projects and the conditions for complying with the above-described certification requirements relating to contractors working on the project, as added by the bill.
This bill would include a change in state statute that would
result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of 2/3 of the membership of each house of the Legislature.
(4) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
(5) This bill would
declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.
This bill would express the intent of the Legislature to enact statutory changes relating to the Budget Act of 2025.
Digest Key
Vote:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 11126 of the Government Code is amended to read:11126.
(a) (1) Nothing in this article shall be construed to prevent a state body from holding closed sessions during a regular or special meeting to consider the appointment, employment, evaluation of performance, or dismissal of a public employee or to hear complaints or charges brought against that employee by another person or employee unless the employee requests a public hearing.(2) As a condition to holding a closed session on the complaints or charges to consider disciplinary action or to consider dismissal, the employee shall be given written notice of their right to have a public hearing, rather than a closed session, and that notice shall be delivered to the employee personally or by mail at least 24 hours before the time for holding a
regular or special meeting. If notice is not given, any disciplinary or other action taken against any employee at the closed session shall be null and void.
(3) The state body also may exclude from any public or closed session, during the examination of a witness, any or all other witnesses in the matter being investigated by the state body.
(4) Following the public hearing or closed session, the body may deliberate on the decision to be reached in a closed session.
(b) For the purposes of this section, “employee” does not include any person who is elected to, or appointed to a public office by, any state body. However, officers of the California State University who receive compensation for their services, other than per diem and ordinary and necessary expenses, shall, when engaged in that capacity, be considered
employees. Furthermore, for purposes of this section, the term employee includes a person exempt from civil service pursuant to subdivision (e) of Section 4 of Article VII of the California Constitution.
(c) Nothing in this article shall be construed to do any of the following:
(1) Prevent state bodies that administer the licensing of persons engaging in businesses or professions from holding closed sessions to prepare, approve, grade, or administer examinations.
(2) Prevent an advisory body of a state body that administers the licensing of persons engaged in businesses or professions from conducting a closed session to discuss matters that the advisory body has found would constitute an unwarranted invasion of the privacy of an individual licensee or applicant if discussed in an open meeting, provided the advisory
body does not include a quorum of the members of the state body it advises. Those matters may include review of an applicant’s qualifications for licensure and an inquiry specifically related to the state body’s enforcement program concerning an individual licensee or applicant where the inquiry occurs prior to the filing of a civil, criminal, or administrative disciplinary action against the licensee or applicant by the state body.
(3) Prohibit a state body from holding a closed session to deliberate on a decision to be reached in a proceeding required to be conducted pursuant to Chapter 5 (commencing with Section 11500) or similar provisions of law.
(4) Grant a right to enter any correctional institution or the grounds of a correctional institution where that right is not otherwise granted by law, nor shall anything in this article be construed to prevent a state body from
holding a closed session when considering and acting upon the determination of a term, parole, or release of any individual or other disposition of an individual case, or if public disclosure of the subjects under discussion or consideration is expressly prohibited by statute.
(5) Prevent any closed session to consider the conferring of honorary degrees, or gifts, donations, and bequests that the donor or proposed donor has requested in writing to be kept confidential.
(6) Prevent the Alcoholic Beverage Control Appeals Board or the Cannabis Control Appeals Panel from holding a closed session for the purpose of holding a deliberative conference as provided in Section 11125.
(7) (A) Prevent a state body from holding closed sessions with its negotiator prior to the purchase, sale, exchange, or
lease of real property by or for the state body to give instructions to its negotiator regarding the price and terms of payment for the purchase, sale, exchange, or lease.
(B) However, prior to the closed session, the state body shall hold an open and public session in which it identifies the real property or real properties that the negotiations may concern and the person or persons with whom its negotiator may negotiate.
(C) For purposes of this paragraph, the negotiator may be a member of the state body.
(D) For purposes of this paragraph, “lease” includes renewal or renegotiation of a lease.
(E) Nothing in this paragraph shall preclude a state body from holding a closed session for discussions regarding eminent domain proceedings pursuant to
subdivision (e).
(8) Prevent the California Postsecondary Education Commission from holding closed sessions to consider matters pertaining to the appointment or termination of the Director of the California Postsecondary Education Commission.
(9) Prevent the Bureau for Private Postsecondary Education from holding closed sessions to consider matters pertaining to the appointment or termination of the Executive Director of the Bureau for Private Postsecondary Education.
(10) Prevent the Franchise Tax Board from holding closed sessions for the purpose of discussion of confidential tax returns or information the public disclosure of which is prohibited by law, or from considering matters pertaining to the appointment or removal of the Executive Officer of the Franchise Tax Board.
(11) Require the Franchise Tax Board to notice or disclose any confidential tax information considered in closed sessions, or documents executed in connection therewith, the public disclosure of which is prohibited pursuant to Article 2 (commencing with Section 19542) of Chapter 7 of Part 10.2 of Division 2 of the Revenue and Taxation Code.
(12) Prevent the Board of State and Community Corrections from holding closed sessions when considering reports of crime conditions under Section 6027 of the Penal Code.
(13) Prevent the State Air Resources Board from holding closed sessions when considering the proprietary specifications and performance data of manufacturers.
(14) Prevent the State Board of Education or the Superintendent of Public Instruction, or any
committee advising the board or the Superintendent, from holding closed sessions on those portions of its review of assessment instruments pursuant to Chapter 5 (commencing with Section 60600) of Part 33 of Division 4 of Title 2 of the Education Code during which actual test content is reviewed and discussed. The purpose of this provision is to maintain the confidentiality of the assessments under review.
(15) Prevent the Department of Resources Recycling and Recovery or its auxiliary committees from holding closed sessions for the purpose of discussing confidential tax returns, discussing trade secrets or confidential or proprietary information in its possession, or discussing other data, the public disclosure of which is prohibited by law.
(16) Prevent a state body that invests retirement, pension, or endowment funds from holding closed sessions when considering investment
decisions. For purposes of consideration of shareholder voting on corporate stocks held by the state body, closed sessions for the purposes of voting may be held only with respect to election of corporate directors, election of independent auditors, and other financial issues that could have a material effect on the net income of the corporation. For the purpose of real property investment decisions that may be considered in a closed session pursuant to this paragraph, a state body shall also be exempt from the provisions of paragraph (7) relating to the identification of real properties prior to the closed session.
(17) Prevent a state body, or boards, commissions, administrative officers, or other representatives that may properly be designated by law or by a state body, from holding closed sessions with its representatives in discharging its responsibilities under Chapter 10 (commencing with Section 3500), Chapter 10.3 (commencing with
Section 3512), Chapter 10.5 (commencing with Section 3525), or Chapter 10.7 (commencing with Section 3540) of Division 4 of Title 1 as the sessions relate to salaries, salary schedules, or compensation paid in the form of fringe benefits. For the purposes enumerated in the preceding sentence, a state body may also meet with a state conciliator who has intervened in the proceedings.
(18) (A) Prevent a state body from holding closed sessions to consider matters posing a threat or potential threat of criminal or terrorist activity against the personnel, property, buildings, facilities, or equipment, including electronic data, owned, leased, or controlled by the state body, where disclosure of these considerations could compromise or impede the safety or security of the personnel, property, buildings, facilities, or equipment, including electronic data, owned, leased, or controlled by the state body.
(B) Notwithstanding any other law, a state body, at any regular or special meeting, may meet in a closed session pursuant to subparagraph (A) upon a two-thirds vote of the members present at the meeting.
(C) After meeting in closed session pursuant to subparagraph (A), the state body shall reconvene in open session prior to adjournment and report that a closed session was held pursuant to subparagraph (A), the general nature of the matters considered, and whether any action was taken in closed session.
(D) After meeting in closed session pursuant to subparagraph (A), the state body shall submit to the Legislative Analyst written notification stating that it held this closed session, the general reason or reasons for the closed session, the general nature of the matters considered, and whether any action was taken in
closed session. The Legislative Analyst shall retain for no less than four years any written notification received from a state body pursuant to this subparagraph.
(19) Prevent the California Sex Offender Management Board from holding a closed session for the purpose of discussing matters pertaining to the application of a sex offender treatment provider for certification pursuant to Sections 290.09 and 9003 of the Penal Code. Those matters may include review of an applicant’s qualifications for certification.
(20) (A) Prevent the Research Advisory Panel established in Sections 11480 and 11481 of the Health and Safety Code from holding closed sessions for the purpose of discussing, reviewing, and approving research projects, including applications and amendment applications, that contain sensitive and confidential information, including, but not limited to,
trade secrets, intellectual property, or proprietary information in its possession, the public disclosure of which is prohibited by law.
(B) This paragraph shall become inoperative on January 1, 2028.
(21) (A) Prevent the governing board or advisory panel of the California Earthquake Authority described in Section 10089.7 of the Insurance Code from holding a closed session, to the extent that session would address the development of rates, reinsurance, and strategy, pursuant to the powers granted in paragraph (5) of subdivision (c) of Section 10089.7 of the Insurance Code, paragraph (7) of subdivision (b) of Section 10089.33 of the Insurance Code, and subdivision (a) of Section 10089.40 of the Insurance Code, when discussion in open session concerning those matters would prejudice the position of the California Earthquake Authority.
(B) Notwithstanding any other provision of law, the governing board or advisory panel of the California Earthquake Authority, at any regular or special meeting, may meet in a closed session pursuant to subparagraph (A) upon a two-thirds vote of the members present at the meeting taken after first providing an opportunity for members of the public to be heard on the issue of the appropriateness of meeting in closed session.
(C) After meeting in closed session pursuant to subparagraph (A), the governing board or advisory panel of the California Earthquake Authority shall reconvene in open session prior to adjournment and report that a closed session was held pursuant to subparagraph (A), the general nature of the matters considered, and whether any action was taken in closed session.
(D) If the duration of a closed
session held pursuant to subparagraph (A) is longer than two hours, the governing board or advisory panel of the California Earthquake Authority shall provide reasonable notice to the public, either by email to the California Earthquake Authority’s public notice list or by posting on the California Earthquake Authority’s website, before reconvening in open session pursuant to subparagraph (C).
(d) (1) Notwithstanding any other law, any meeting of the Public Utilities Commission at which the rates of entities under the commission’s jurisdiction are changed shall be open and public.
(2) Nothing in this article shall be construed to prevent the Public Utilities Commission from holding closed sessions to deliberate on the institution of proceedings, or disciplinary actions against any person or entity under the jurisdiction of the commission.
(e) (1) Nothing in this article shall be construed to prevent a state body, based on the advice of its legal counsel, from holding a closed session to confer with, or receive advice from, its legal counsel regarding pending litigation when discussion in open session concerning those matters would prejudice the position of the state body in the litigation.
(2) For purposes of this article, all expressions of the lawyer-client privilege other than those provided in this subdivision are hereby abrogated. This subdivision is the exclusive expression of the lawyer-client privilege for purposes of conducting closed session meetings pursuant to this article. For purposes of this subdivision, litigation shall be considered pending when any of the following circumstances exist:
(A) An adjudicatory
proceeding before a court, an administrative body exercising its adjudicatory authority, a hearing officer, or an arbitrator, to which the state body is a party, has been initiated formally.
(B) (i) A point has been reached where, in the opinion of the state body on the advice of its legal counsel, based on existing facts and circumstances, there is a significant exposure to litigation against the state body.
(ii) Based on existing facts and circumstances, the state body is meeting only to decide whether a closed session is authorized pursuant to clause (i).
(C) Based on existing facts and circumstances, the state body has decided to initiate or is deciding whether to initiate litigation.
(3) The legal counsel of the state body
shall prepare and submit to it a memorandum stating the specific reasons and legal authority for the closed session. If the closed session is pursuant to subparagraph (A) of paragraph (2), the memorandum shall include the title of the litigation. If the closed session is pursuant to subparagraph (B) or (C) of paragraph (2), the memorandum shall include the existing facts and circumstances on which it is based. The legal counsel shall submit the memorandum to the state body prior to the closed session, if feasible, and in any case no later than one week after the closed session. The memorandum shall be exempt from disclosure pursuant to Section 7927.205.
(4) For purposes of this subdivision, “litigation” includes any adjudicatory proceeding, including eminent domain, before a court, administrative body exercising its adjudicatory authority, hearing officer, or arbitrator.
(5) Disclosure of a memorandum required under this subdivision shall not be deemed as a waiver of the lawyer-client privilege, as provided for under Article 3 (commencing with Section 950) of Chapter 4 of Division 8 of the Evidence Code.
(f) In addition to subdivisions (a), (b), and (c), nothing in this article shall be construed to do any of the following:
(1) Prevent a state body operating under a joint powers agreement for insurance pooling from holding a closed session to discuss a claim for the payment of tort liability or public liability losses incurred by the state body or any member agency under the joint powers agreement.
(2) Prevent the examining committee established by the State Board of Forestry and Fire Protection, pursuant to Section 763 of the Public Resources Code, from conducting a
closed session to consider disciplinary action against an individual professional forester prior to the filing of an accusation against the forester pursuant to Section 11503.
(3) Prevent the enforcement advisory committee established by the California Board of Accountancy pursuant to Section 5020 of the Business and Professions Code from conducting a closed session to consider disciplinary action against an individual accountant prior to the filing of an accusation against the accountant pursuant to Section 11503. Nothing in this article shall be construed to prevent the qualifications examining committee established by the California Board of Accountancy pursuant to Section 5023 of the Business and Professions Code from conducting a closed hearing to interview an individual applicant or accountant regarding the applicant’s qualifications.
(4) Prevent a state body, as defined in
subdivision (b) of Section 11121, from conducting a closed session to consider any matter that properly could be considered in closed session by the state body whose authority it exercises.
(5) Prevent a state body, as defined in subdivision (d) of Section 11121, from conducting a closed session to consider any matter that properly could be considered in a closed session by the body defined as a state body pursuant to subdivision (a) or (b) of Section 11121.
(6) Prevent a state body, as defined in subdivision (c) of Section 11121, from conducting a closed session to consider any matter that properly could be considered in a closed session by the state body it advises.
(7) Prevent the State Board of Equalization from holding closed sessions for either of the following:
(A) When considering matters pertaining to the appointment or removal of the Executive Secretary of the State Board of Equalization.
(B) For the purpose of hearing confidential taxpayer appeals or data, the public disclosure of which is prohibited by law.
(8) Require the State Board of Equalization to disclose any action taken in closed session or documents executed in connection with that action, the public disclosure of which is prohibited by law pursuant to Sections 15619 and 15641 of this code and Sections 833, 7056, 8255, 9255, 11655, 30455, 32455, 38705, 38706, 43651, 45982, 46751, 50159, 55381, and 60609 of the Revenue and Taxation Code.
(9) Prevent the California Earthquake Prediction Evaluation Council, or other body appointed to advise the Director
of Emergency Services or the Governor concerning matters relating to volcanic or earthquake predictions, from holding closed sessions when considering the evaluation of possible predictions.
(g) This article does not prevent either of the following:
(1) The Teachers’ Retirement Board or the Board of Administration of the Public Employees’ Retirement System from holding closed sessions when considering matters pertaining to the recruitment, appointment, employment, or removal of the chief executive officer or when considering matters pertaining to the recruitment or removal of the Chief Investment Officer of the State Teachers’ Retirement System or the Public Employees’ Retirement System.
(2) The Commission on Teacher Credentialing from holding closed sessions when considering matters relating to the recruitment,
appointment, or removal of its executive director.
(h) This article does not prevent the Board of Administration of the Public Employees’ Retirement System from holding closed sessions when considering matters relating to the development of rates and competitive strategy for plans offered pursuant to Chapter 15 (commencing with Section 21660) of Part 3 of Division 5.
(i) This article does not prevent the Managed Risk Medical Insurance Board from holding closed sessions when considering matters related to the development of rates and contracting strategy for entities contracting or seeking to contract with the board, entities with which the board is considering a contract, or entities with which the board is considering or enters into any other arrangement under which the board provides, receives, or arranges services or reimbursement, pursuant to Part 6.2 (commencing with Section
12693), former Part 6.3 (commencing with Section 12695), former Part 6.4 (commencing with Section 12699.50), former Part 6.5 (commencing with Section 12700), former Part 6.6 (commencing with Section 12739.5), or former Part 6.7 (commencing with Section 12739.70) of Division 2 of the Insurance Code.
(j) Nothing in this article shall be construed to prevent the board of the State Compensation Insurance Fund from holding closed sessions in the following:
(1) When considering matters related to claims pursuant to Chapter 1 (commencing with Section 3200) of Part 1 of Division 4 of the Labor Code, to the extent that confidential medical information or other individually identifiable information would be disclosed.
(2) To the extent that matters related to audits and investigations that have not been completed would be
disclosed.
(3) To the extent that an internal audit containing proprietary information would be disclosed.
(4) To the extent that the session would address the development of rates, contracting strategy, underwriting, or competitive strategy, pursuant to the powers granted to the board in Chapter 4 (commencing with Section 11770) of Part 3 of Division 2 of the Insurance Code, when discussion in open session concerning those matters would prejudice the position of the State Compensation Insurance Fund.
(k) The State Compensation Insurance Fund shall comply with the procedures specified in Section 11125.4 with respect to any closed session or meeting authorized by subdivision (j), and in addition shall provide an opportunity for a member of the public to be heard on the issue of the appropriateness of closing the
meeting or session.
(l) This article does not prevent the board of the California Infrastructure and Economic Development Bank from holding closed sessions when considering an accelerator financing plan pursuant to Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7 or discussing trade secrets or confidential or proprietary information in its possession.
SEC. 2.
Section 12100.111 of the Government Code is amended to read:12100.111.
(a) The Transmission Infrastructure Accelerator established pursuant to Section 12100.110 shall coordinate, as soon as practicable after the effective date of this section but no later than December 31, 2026, the state’s ongoing activities related to transmission planning and development, in order to minimize duplicative efforts and efficiently achieve the objectives of this section and Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7. The accelerator shall sequence its activities in identifying and developing eligible transmission projects in a manner consistent with the state’s transmission planning processes, including, but not limited to, the Independent System Operator’s procedures and requirements and shall provide maximum transparency. Core objectives of the accelerator shall be to drive efficiencies in state transmission development efforts, coordinate existing workstreams to maximize effectiveness, and minimize duplicative activity across all relevant venues.(b) (1) The accelerator shall develop program guidelines by December 31, 2027, and shall update those guidelines, when necessary, as determined by the accelerator parties.
(2) The accelerator shall share with the California Infrastructure and Economic Development Bank’s board for approval the sections of the accelerator program guidelines that identify potential requirements for
how the bank will administer financing from the California Transmission Accelerator Revolving Fund established under Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7.
(c) The accelerator shall evaluate the draft results of the Independent System Operator’s transmission planning process.
(d) The accelerator may select, upon the release of the Independent System Operator’s approved transmission planning process, one or more eligible transmission projects that may have the opportunity to receive public financing using the California Transmission Accelerator Revolving Fund established under Article 10.5 (commencing with Section
63049.71) of Chapter 2 of Division 1 of Title 6.7.
(b)
(e) The accelerator shall ensure that the accelerator selected transmission projects eligible for public financing meet the following criteria:
(1) Have at least one interconnection point within the Independent System Operator balancing authority area.
(2)The applicant or its affiliates have previously completed a transmission project in the state.
(3)
(2) Support new high voltage transmission facilities that are subject to the competitive solicitation process administered by the Independent System Operator that are consistent with the state’s reliability and greenhouse gas policy objectives.
(3) Other considerations, as determined by the accelerator.
(f) The accelerator shall ensure that the project sponsor seeking financing through
the California Transmission Accelerator Revolving Fund for the selected transmission project meet the following criteria:
(1) The project sponsor or its affiliates have completed or been awarded a transmission project in the state or have completed a transmission project in another state.
(4)Reduce
(2) The project sponsor reduces its
Federal Energy Regulatory Commission cost recovery requests by the amount of savings achieved through tax credits received under Sections 17039 and 23036 of the Revenue and Taxation Code.
(3) The project sponsor complies with Section 94510 of the Public Resources Code.
(5)Commit
(4) The project sponsor commits to requesting a revenue
requirement at the Federal Energy Regulatory Commission that reflects only its actual capital structure and for the portion of the project financed through the fund the actual cost of capital associated with this portion in order to minimize the costs collected through the transmission access charge.
(6)Financial considerations, as
(5) The project sponsor complies with other financial considerations determined by the accelerator.
(7)Consistency with state policy
(6) The project sponsor maximizes savings to ratepayers, as determined by the state agencies accelerator and its coordinating with the accelerator. entities.
(g) The accelerator shall prioritize project sponsors with involvement from public and private participating parties.
(c)
(h) (1) The accelerator shall evaluate California Infrastructure and Economic Development Bank shall, at the results direction of the Independent System Operator’s transmission planning process accelerator, confer with project sponsors and shall select which accelerator projects have the opportunity to receive public develop financing using plans for the California Transmission Accelerator Revolving Fund established under Article 10.5 (commencing with Section 63049.71) eligible transmission project or projects. Each entity named in subdivision (h) of Chapter 2 of Division 1 of Title 6.7. The selection of accelerator projects under this section shall happen within 60 days Section 12100.110, other than the bank, may submit a letter to be included in the financing plan or plans discussing areas of support and any areas of disagreement with the release of the Independent System Operator’s Transmission Planning Process document that identifies competitive transmission projects. financial assistance proposal or proposals, if any.
(2) The financing plan or plans, together with any letters described in paragraph (1), shall be presented to the bank’s board for consideration and adoption by majority vote.
(d)
(i) The accelerator shall maintain a list of qualified public entities interested in participating in eligible transmission projects.
(e)
(j) The accelerator shall continuously monitor project development performance and engage to support effective implementation using all appropriate powers and authorities available to the accelerator and coordinating agencies. These actions may include, but are not limited to, all of the following:
(1) Engaging local public and private actors relevant to project development success.
(2) Supporting efforts of the project applicant to secure necessary permits and other relevant authorities.
(3) Leveraging state
incentives and supply chain facilitation services to ensure timely and cost-effective acquisition of physical components of the project.
(f)For
(k) (1) Subject to paragraph (2), for purposes of this section, the definitions in Section 63049.71 63010 shall apply.
(2) If a term is defined in both Sections 63010 and 63049.71, the definition in Section 63049.71 shall apply.
SEC. 3.
Section 12100.111.5 is added to the Government Code, to read:12100.111.5.
(a) Both of the following conditions shall be satisfied in order for an eligible transmission project to be eligible for and receive financing:(1) The developer of the project that will be located in the service territory of, or connected directly to the electrical transmission infrastructure of, a large electrical corporation, and that is financed by the bank but not owned by the bank or an electrical corporation, shall certify, under penalty of perjury, that it has selected for the construction of the electrical transmission infrastructure a prime contractor that has served as a prime contractor for at least two electrical transmission infrastructure projects in the state during the prior 10 years.
(2) The owner of any eligible transmission project that will be located in the service territory of, or connected directly to the electrical transmission infrastructure of, a large electrical corporation, and that is financed by the bank but not owned by the bank or an electrical corporation, shall certify, under penalty of perjury, that it has selected for any contracted out maintenance of the electrical transmission infrastructure a contractor that has frequently performed electrical transmission infrastructure maintenance work for an electrical corporation or a local publicly owned electric utility during the prior 10 years.
(b) For purposes of this section, the following definitions shall apply:
(1) “Large electrical corporation” has the same meaning as defined in Section 2827 of the Public Utilities Code.
(2) “Local publicly owned electric utility” has the same meaning as defined in Section 224.3 of the Public Utilities Code.
SEC. 4.
Section 63049.71 of the Government Code is amended to read:63049.71.
The following definitions contained in this section are in addition to the definitions contained in Section 63010 and together with the definitions contained in that section shall govern the construction of this article, unless the context requires otherwise:(a) “Accelerator financing plan” or “financing plan” means a report proposed financing by the bank for a specific accelerator projects project identified in subdivision (e) of pursuant to Section 63049.73. 12100.111. The accelerator financing plan shall be based on the bank’s direct developed in consultation with the accelerator. accelerator and approved by a majority of the bank’s board with conditions established by the accelerator, as described in Section 12100.111.
(b) “Accelerator party” means any entity named in subdivision (h) of Section 12100.110.
(c) “Accelerator program guidelines” or “program guidelines” means the standards, practices, and procedures adopted by the accelerator describing project eligibility and selection criteria, coordination of the accelerator parties, and transmission permitting facilitation by the accelerator. The
bank shall provide input into the accelerator guidelines that identify potential requirements for how the bank will administer financing from the California Transmission Accelerator Revolving Fund. Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 shall not apply to any accelerator program guidelines adopted by the accelerator or the bank.
(b)
(d) “California Transmission Accelerator project” or “accelerator project” means any building, structure, equipment, infrastructure, or other improvement within this state, or financing the general needs, including working capital, of any participating party for operations or activities within this state that are consistent with, and intended to, develop transmission projects for the public benefit to further California’s clean energy goals and to reduce or offset ratepayer costs. costs, as described in Section 12100.111.
(c)
(e) “California Transmission Accelerator Revolving Fund” or Fund,” “Accelerator Revolving Fund” Fund,” or “fund” means any revolving fund by that name created under, and administered pursuant to, this article to provide financial assistance for eligible transmission projects.
(f) “California Transmission Accelerator Program,” “accelerator program,” or “program,” means both of the following:
(d)“California Transmission Accelerator Revolving Fund Program” or “Accelerator Revolving Fund Program” means the
(1) The program authorized by this article to administer the California Transmission Accelerator Revolving Fund and to provide financial assistance for eligible transmission projects, to be administered by the bank pursuant to this article and any guidelines adopted by the accelerator. article.
(2) Any guidelines adopted by the bank board consistent with the accelerator program.
(e)
(g) “Eligible transmission project” means a project as described in subdivision (f) of Section 63049.73, 12100.111, selected by the accelerator, and approved by the bank for financial assistance pursuant to subdivision (i) of Section 63049.73.
(f)
(h) “Funded without return on equity,” as that term is used in Section 94510 of the Public Resources Code, means, solely for the pro rata portion of a project funded by the California Transmission Accelerator Revolving Fund provided by this article, that no return on equity shall be generated and distributed to shareholders.
(g)
(i) (1) “Participating party” has the same meaning as defined in Section 63010 and includes an eligible applicant, as that term is used in Chapter 1 (commencing with Section 90000) of Division 50 of the Public Resources Code. However, an eligible applicant referred to as a “public utility” in Chapter 1 (commencing with Section 90000) of Division 50 of the Public Resources Code shall have the same meaning as “electrical corporation,” as defined in Section 218 of the Public Utilities Code.
(2) For purposes of
providing financial assistance to projects related to Chapter 9 (commencing with Section 94500) of Division 50 of the Public Resources Code, the participating party shall be limited to eligible applicants as defined in Chapter 1 of Division 50 of the Public Resources Code.
(j) “Project sponsor” means an entity or group of entities that proposes to finance, construct, own, operate, and maintain a transmission project, or is selected by the Independent System Operator through its competitive solicitation process to finance, construct, own, operate, and maintain a transmission project.
(h)
(k) “Transmission Infrastructure Accelerator” or “accelerator” means the Transmission Infrastructure Accelerator established pursuant to Section 12100.110 of the Government Code.
SEC. 5.
Section 63049.72 of the Government Code is amended to read:63049.72.
(a) The financing of projects related to Chapter 9 (commencing with Section 94500) of Division 50 of the Public Resources Code shall be deemed to be in the public interest and eligible for financing by the bank or by a special purpose trust established pursuant to this division. That financing shall be treated as financing of an economic development facility for purposes of this division, except that Article 3 (commencing with Section 63040) and Article 5 (commencing with Section 63043) shall not apply to any financing under this article. The bank shall consider an eligible transmission project for financing(b) The bank may provide any form of financial assistance, including including, but not limited to, making direct loans to accelerator projects and issuing bonds pursuant to Chapter 5 (commencing with Section 63070), and may loan the proceeds of those bonds, deposit the proceeds into a separate account in the California Transmission Accelerator Revolving Fund, or use the proceeds to refund bonds previously issued under this article. Bond proceeds may also be used to fund necessary reserves, capitalized interest, credit enhancement costs, or costs of issuance.
(c) Bonds issued under this article shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any political subdivision, other than the bank, but shall be payable solely from either or
both the California Transmission Accelerator Revolving Fund or other revenues and assets securing the bonds. All bonds issued under this article shall contain on the face of the bonds a statement to that effect.
SEC. 6.
Section 63049.73 of the Government Code is amended to read:63049.73.
(a) The bank is hereby authorized and empowered to provide financial assistance under the(b) Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 shall not apply to any accelerator financing plan or any guidelines adopted by the bank pursuant to subdivision (i) in connection with the Accelerator Revolving Fund Program. bank.
(c) (1) Repayments of financing made under the Accelerator Revolving Fund Program accelerator program shall be deposited into the appropriate account created within the Accelerator Revolving Fund.
(2) The bank may establish separate accounts for accelerator projects within the Accelerator Revolving Fund.
(d) (1) (A) The bank shall meet and confer with the accelerator for accelerator projects.
(B) (i) The bank shall respond to requests from the accelerator and collaborating agencies to evaluate and consult on the credit and financial aspects of eligible accelerator projects.
(ii) Final authority to provide financial support assistance to an accelerator project shall reside with the accelerator, bank board, and the accelerator bank shall direct the bank, at its discretion, to effectuate approved financing in the form and at the terms the accelerator deems optimal, consistent with the objectives and requirements contained in Section 12100.111.
(iii) The bank shall engage collaboratively with accelerator parties to the fullest extent practicable so as to develop a viable financing structure.
(2) Consultation on a potential transmission project shall not constitute approval of that project by the Public Utilities Commission or the State Energy Resources Conservation and Development Commission under their decisionmaking authority, to the extent that authority exists under other law.
(3) Consultation on, or evaluation of, a transmission project by the bank shall not indicate the bank’s
approval. The bank shall consider the credit and financial aspects of the project or projects before determining whether to approve and finance the project or projects.
(e) The Any accelerator financing plan shall set forth conditions, including, but not limited to, the following: conditions as described in Section 12100.111.
(1)Priority shall be given to transmission projects with public sponsors partnering with private entities.
(2)Actions to maximum savings to ratepayers, as determined by the accelerator and its coordinating entities, by minimizing equity in the capital structure, minimizing return on equity, and reducing tax obligations through the use of public ownership structures, to the fullest extent possible, consistent with project risk and viability.
(3)Actions to collaborate with prospective participating parties to inform bid proposals for the Independent System Operator competitive solicitation process.
(f) All financial assistance under the Accelerator Revolving Fund Program accelerator program approved by the bank board shall be consistent with the any applicable accelerator financing plan program guidelines then in effect, and may include the necessary technical cost elements of transmission infrastructure, including, but not limited to, environmental planning, permitting, and preconstruction costs for a project.
(g) The bank shall inform the Franchise Tax Board of any accelerator projects that are approved by bank for financial assistance pursuant to subdivision (h) and shall provide any other information the Franchise Tax Board requires for administration of the tax credits under Sections 17053.40 and 23640 of the Revenue and Taxation Code.
(h) (1) The bank shall prepare, and the bank board shall approve, guidelines for the provision of financing plans in order to provide financial assistance under the Accelerator Revolving Fund Program accelerator program for eligible transmission projects selected by the accelerator. The bank board’s approval of any financial assistance for an accelerator project shall take into consideration those guidelines, together with sections of the applicable accelerator financing plan program guidelines currently in effect. effect that identify requirements for how the bank will administer the financing program. The guidelines financing plan shall include, as factors for determining whether to approve the provision of financial assistance, the ability of the participating party potentially receiving financial assistance to satisfy any obligation incurred and the return of capital to the Accelerator Revolving Fund.
(2) The bank board may consider additional factors when determining whether to approve financial assistance for an accelerator project, taking into consideration the relevant accelerator financing plan.
(3) The bank shall consider applications requests for financial assistance by for eligible transmission projects selected by the accelerator as they are received, on an ongoing basis, if there are available moneys remaining within the Accelerator Revolving Fund to provide that financial assistance. The bank board’s determination of whether to approve applications the financing plan for financial assistance shall be based on the accelerator financing plan and the sections of the accelerator program guidelines in effect at the time of the bank received the application. request.
(4) A participating party shall comply with the terms and conditions that control the use of the funds provided, if any.
(i) The bank shall provide financial assistance only for an accelerator project that both the accelerator selected and the bank board has approved.
(j) The bank is hereby authorized to enter into an agreement with the accelerator to operate a program to provide financial assistance to any eligible participating party, either directly or to a lending or financial institution, in connection with the financing or refinancing of an eligible project, in accordance with the agreement or agreements. project. Information shared among consulting agencies the accelerator parties and the bank, or between any consulting agency accelerator party other than the bank and the bank, shall not constitute the waiver of any exemption under the California Public Records Act (Division 10 (commencing with Section 7920.000) of Title 1) applicable to each entity.
(k) (1) This section shall remain in effect only until January 1, 2031, 2036, and as of that date is repealed.
(2) Any project approved for financing by the Bank pursuant to this section before January 1, 2031, 2036, shall have its financing terms remain in force for the duration of the contract.
SEC. 7.
Section 63049.74 of the Government Code is amended to read:63049.74.
(a) There is hereby created the California Transmission Accelerator Revolving Fund in the State Treasury for the purpose of providing financial assistance under the(b) (1) The bank may direct the Treasurer to invest moneys in the Accelerator Revolving Fund in any eligible securities in Section 16430.
(2) The bank may direct the Treasurer to deposit moneys in
interest-bearing accounts in any bank in this state or in savings and loan associations in this state. The bank may alternatively require the transfer of money in the fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2.
(3) Notwithstanding Section 16305.7, all interest or other increment resulting from the investment or deposit of moneys from the California Transmission Accelerator Revolving Fund shall be deposited in the fund. Moneys in the fund shall not be subject to transfer to any other funds pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2, except to the Surplus Money Investment Fund.
(4) Notwithstanding any contrary provision in this article, moneys in the California Transmission Accelerator Revolving Fund may be deposited in accounts held by a trustee bank, or other financial institution, in connection with any financial assistance, including, but not limited to, direct loans to the accelerator projects or the issuance of any revenue bonds for the purpose of this article.
(c) The California Transmission Accelerator Revolving Fund shall be organized as a public enterprise fund.
(b)
(d) The Accelerator Revolving Fund shall be eligible to receive funding from other sources determined by the Legislature.
(c)
(e) Revenues of, and all other income collected by, participating entities to support for the Accelerator Revolving Fund Program repayment of the financial assistance described in subdivision (a) shall be deposited into the Accelerator Revolving Fund.
(d)
(f) Proceeds of revenue bonds issued pursuant to this division article shall be deposited into the Accelerator Revolving Fund.
(e)
(g) (1) Eligible entities The bank may pledge any or all of the moneys in the Accelerator Revolving Fund as security for payment of the principal of, and interest on, any particular issuance of bonds issued for the purposes of this article.
(2) The bank may use any or all of the moneys in the Accelerator Revolving Fund to retain or purchase for retention or sale, subordinated bonds issued by the bank, by a special purpose trust,
or by a sponsor, all in connection with the purposes of this article.
(f)
(h) (1) Notwithstanding Section 13340, moneys, except as provided in paragraphs (2) and (3), in the Accelerator Revolving Fund are continuously appropriated, without regard to fiscal year, for the support of eligible entities and shall be available for expenditure for the purposes as stated in this article.
(2) Moneys in the Accelerator Revolving Fund received pursuant to a federal appropriation are available for expenditure only upon appropriation by the Legislature.
(3) Moneys in the Accelerator Revolving Fund shall be available for expenditure to
support administrative costs only upon appropriation by the Legislature.
(4) Obligations of the bank incurred in connection with the activities authorized under this article shall be payable solely from moneys within the California Transmission Accelerator Revolving Fund. No other fund or account of the bank shall be available or shall be used for the payment of obligations incurred in connection with this article.
SEC. 8.
Section 63050 of the Government Code is amended to read:63050.
(a) There is hereby created in the State Treasury the California Infrastructure and Economic Development Bank Fund for the purpose of implementing the objectives and provisions of this division. Within the fund there shall also be established a Sponsor Revenue Bond Account, a Participating Party Revenue Bond Account, a State Infrastructure Revolving Account, and additional accounts and subaccounts that the bank may establish from time to time.(b) Notwithstanding Section 13340 and except as provided in subdivisions (c) and (d), subdivision (c), all moneys in the infrastructure bank fund are continuously appropriated without regard to fiscal years for the support of the bank and shall be available for expenditure for the purposes stated in this division.
(c) Moneys in the infrastructure bank fund shall be available for expenditure for general administration only upon appropriation by the Legislature. This subdivision shall not limit the authority of the bank to expend funds directly related to the servicing of approved debt. Moneys in the fund shall be available for the purpose of general administration of the authority only upon appropriation by the Legislature, but not more than 5 percent of any bond proceeds administered by the authority may be expended to cover the costs of
issuance, as that terminology is defined under Section 147 (G) of the Internal Revenue Code.
(d)Moneys in the infrastructure bank fund shall be available for expenditure for California Transmission Accelerator financing under Article 10.5 (commencing with Section 63049.71) of Chapter 2 only upon appropriation by the Legislature.
(e)
(d) Notwithstanding any other provision of this division, not more than 15 percent of the financing annually approved by the executive director that utilizes state funds from the infrastructure bank fund may be expended upon educational facilities, environmental mitigation measures, and parks and recreational facilities.
(f)
(e) The executive director may transfer funds between the infrastructure bank fund and the guarantee trust fund when appropriate to accomplish the financing objectives of this division.
SEC. 9.
Section 17053.40 of the Revenue and Taxation Code is amended to read:17053.40.
(a) For taxable years beginning on or after January 1, 2026, and before January 1, 2036, there shall be allowed to qualified taxpayer, a credit against the “net tax,” as defined in Section 17039, in an amount equal to 20 percent of the qualified expenditures paid or incurred by the qualified taxpayer during the taxable year, not to exceed twenty million dollars ($20,000,000) per qualified taxpayer per taxable year.(b) For purposes of this section:
(1) “Bank” means the California Infrastructure and Economic Development Bank established under Chapter 2 (commencing with Section 63021) of Division 1 of Title 6.7 of the Government Code.
(2) “Eligible transmission project” has the same meaning means a project as defined in Section 63049.73 63049.71 of the Government Code and that meets the criteria and conditions of Sections 12100.111 and 12100.111.5 of the Government Code.
(3) “Qualified expenditures” means costs paid or incurred for planning, design, engineering, permitting, construction, and equipment directly related to the eligible transmission project or qualified wages paid or incurred to employees of a qualified taxpayer that perform services directly related to the eligible transmission project.
(4) “Qualified taxpayer” means a taxpayer that is a participating party, as defined in subdivision (h) (i) of section 63049.71 of the Government Code.
(5) “Qualified wages” means wages subject to withholding under Division 6 (commencing with Section 13000) of the Unemployment Insurance Code.
(c) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding seven years if necessary, until the credit is exhausted.
(d) If the credit allowed by this section is claimed by the qualified taxpayer, a deduction otherwise allowed under this part for any amount of qualified expenditures paid or incurred by the qualified taxpayer shall be reduced by the
amount of the qualified expenditures taken into account in calculating the credit allowed by this section.
(e) If the credit allowed by this section is claimed by the qualified taxpayer, the taxpayer shall not earn a return on equity for the eligible transmission project pursuant to Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7 of the Government Code for the portion of the project for which the credit is claimed.
(f) The bank shall inform the Franchise Tax Board of any eligible transmission project that the bank approves for financial assistance pursuant to subdivision (i) of Section 63049.73 of the Government Code and shall provide any other information the Franchise Tax Board requires for administration of the credit allowed by this section.
(g) The Franchise Tax Board may
prescribe regulations that are necessary or appropriate to carry out the purposes of this section.
(h) Section 41 shall not apply to this section.
(i) This section shall remain in effect only until December 1, 2036, and as of that date is repealed.
SEC. 10.
Section 23640 of the Revenue and Taxation Code is amended to read:23640.
(a) For taxable years beginning on or after January 1, 2026, and before January 1, 2036, there shall be allowed to qualified taxpayer, a credit against the “tax,” as defined in Section 23036, in an amount equal to 20 percent of the qualified expenditures paid or incurred by the qualified taxpayer during the taxable year, not to exceed twenty million dollars ($20,000,000) per qualified taxpayer per taxable year.(b) For purposes of this section:
(1) “Bank” means the California Infrastructure and Economic Development Bank established under Chapter 2 (commencing with Section 63021) of Division 1 of Title 6.7 of the Government Code.
(2) “Eligible transmission project” has the same meaning means a project as defined in Section 63049.73 63049.71 of the Government Code and that meets the criteria and conditions of Sections 12100.111 and 12100.111.5 of the Government Code.
(3) “Qualified expenditures” means costs paid or incurred for planning, design, engineering, permitting, construction, and equipment directly related to the eligible transmission project or qualified wages paid or incurred to employees of a qualified taxpayer that perform services directly related to the eligible transmission project.
(4) “Qualified taxpayer” means a taxpayer that is a participating party, as defined in subdivision (h) (i) of section 63049.71 of the Government Code.
(5) “Qualified wages” means wages subject to withholding under Division 6 (commencing with Section 13000) of the Unemployment Insurance Code.
(c) In the case where the credit allowed by this section exceeds the “tax,” the excess may be carried over to reduce the “tax” in the following taxable year, and succeeding seven years if necessary, until the credit is exhausted.
(d) If the credit allowed by this section is claimed by the qualified taxpayer, a deduction otherwise allowed under this part for any amount of qualified expenditures paid or incurred by the qualified taxpayer shall be reduced by the amount
of the qualified expenditures taken into account in calculating the credit allowed by this section.
(e) If the credit allowed by this section is claimed by the qualified taxpayer, the taxpayer shall not earn a return on equity for the eligible transmission project pursuant to Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7 of the Government Code for the portion of the project for which the credit is claimed.
(f) The bank shall inform the Franchise Tax Board of any eligible transmission project that the bank approves for financial assistance pursuant to subdivision (i) of Section 63049.73 of the Government Code and shall provide any other information the Franchise Tax Board requires for administration of the credit allowed by this section.
(g) The Franchise Tax Board may
prescribe regulations that are necessary or appropriate to carry out the purposes of this section.
(h) Section 41 shall not apply to this section.
(i) This section shall remain in effect only until December 1, 2036, and as of that date is repealed.
SEC. 11.
The Legislature finds and declares that Section 1 of this act, which amends Section 11126 of the Government Code, imposes a limitation on the public’s right of access to the meetings of public bodies or the writings of public officials and agencies within the meaning of Section 3 of Article I of the California Constitution. Pursuant to that constitutional provision, the Legislature makes the following findings to demonstrate the interest protected by this limitation and the need for protecting that interest:In order to protect confidential information
of California agencies and third parties, it is necessary to limit public disclosure of that information.
SEC. 12.
No reimbursement is required by this act pursuant to Section 6 of Article XIII B of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIII B of the California Constitution.SEC. 13.
This act is a bill providing for appropriations related to the Budget Bill within the meaning of subdivision (e) of Section 12 of Article IV of the California Constitution, has been identified as related to the budget in the Budget Bill, and shall take effect immediately.It is the intent of the Legislature to enact statutory changes relating to the Budget Act of 2025.
