Propositioned - Prop 70: Controlling Cap-and-Trade Revenue


Hosted by Kris Ankarlo, Propositioned is an in-depth look at the ballot measures that will appear on your ballot during the June 5 primary. 

Today's episode takes a look at Proposition 70 - a ballot measure that was the result of careful negotiations between Gov. Jerry Brown, legislative Democrats and Republicans over the future of the state's cap-and-trade program. 

Brown, hoping to extend California's cap-and-trade through at least 2030, made a deal with legislators to put a ballot measure in front of voters that would require a two-thirds majority (66.6 percent) vote by the legislature on how to spend the money raised from auctioning off California's carbon credits. 

Mike Young with the California League of Conservation Voters says he opposes the measure because of the two-thirds requirement and that we've seen this song-and-dance before.  

"I think the argument has been that "Oh, it creates more transparency." But I think in California what we're really seeing, especially since we used to go through a super-majority for budget and kind of crisis, what we really see is minority rule," said Young. 

You can listen to the full episode of Propositioned with Kris Ankarlo here. 

What the Proposition Does: 

Proposition 70 would require a one-time two-thirds vote in each chamber of the California State Legislature to use revenue from the State Air Resources Board's auctioning or sale of greenhouse gas emissions allowances under the state's cap-and-trade program. To make sure no revenue is spent without the two-thirds vote, the measure would place all revenue from the cap-and-trade program in a Greenhouse Gas Reduction Reserve Fund beginning on January 1, 2024. The vote would take place anytime on or after January 1, 2024. 

Revenue would collect in this reserve fund until the one-time two-thirds vote occurred. If legislators failed to secure a two-thirds vote, revenue would keep collecting in the reserve fund and the state would be unable to spend the revenue. Between January 1, 2024, and the passage of the spending bill, the measure would also suspend a sales tax exemption for manufacturers, increasing tax revenue about $260 million per year. If legislators succeed at securing a two-thirds vote, revenue would begin to fill the non-reserve Greenhouse Gas Reduction Fund, which requires a simple majority vote to use funds from.[1][2][3]

What a Yes Vote Means

A "yes" vote supports this amendment to require a one-time two-thirds vote in each chamber of the state legislature in 2024 or thereafter to pass a spending plan for revenue from the state's cap-and-trade program for greenhouse gases.

What a NO Vote Means

A "no" vote opposes this amendment to require a one-time two-thirds vote in each legislative chamber in 2024 or thereafter to pass a spending plan for revenue from the state's cap-and-trade program.

Photo: Getty Images


Contenido patrocinado

Contenido patrocinado