Prop 23 Update: Gov’s Budget Takes 80% of AB-32 Cap and Trade Slush Fund
06/18/2012 5 Comments
Gary Hunt writing at Oilprice.com web site has the details:
. . . Governor Brown’s 2012-2013 State Budget proposal to take 80% of the carbon tax revenue or about $500 million per year to reduce the budget deficit for the coming two years. The quarterly carbon credit auctions are expected to produce $660 million to $3 billion per year. The Governor’s budget assumes California will net $1 billion from such auctions to start. The $500 million of revenue take assumed in the first year proposed budget will be used to offset existing General Fund costs for current emissions regulation activities, and the remaining revenues will be used on new programs to reduce emissions.
Now we know that AB-32 was really about, it was not about reducing CO2. More details HERE.