August 27, 2021
Weideman Group Weekly
Senate and Assembly Appropriations committees dispensed with hundreds of bills from their suspense files this week, sending many to the floor and permanently shelving dozens of others. A bill is put on suspense if it has more than a negligible fiscal impact to the state. It can only survive suspense with the support of the Appropriations Chair and the leader of the house. Highlights of bills that were passed by the committees include SB 380 (Eggman) improving access and transparency to medical aid in dying, SB 423 (Stern) increasing renewable energy resources, AB 74 (Gonzalez) improving California’s LifeLine program, and AB 333 (Kamlager) revising enhanced sentencing. There is now only two weeks left in the 2021 legislative session.
Going Once, Going Twice… SOLD
California and Quebec have announced the results from their joint cap-and-trade auction. The cap-and-trade program was designed to establish a declining limit on major sources of emissions, and it establishes a carbon price to support emissions reductions strategies. The auction sold out and cleared at record-high settlement prices, above $23 per metric ton for both current year and future year vintages. The auction raised $1.1 billion for the Greenhouse Gas Reduction Fund, another new record, and represents a sign of strength for California’s carbon reduction market.
Golden State Stimulus
In an effort to stimulate the economy and help some of the most vulnerable Californians, the Governor announced his plan for a Golden State Stimulus during his May budget revision, a program the Legislature agreed to and that was ultimately enacted. Governor Newsom recently announced that the next round of the Golden State Stimulus funding is being sent out as early as today. The historic $12 billion tax rebate is expected to reach 2 out of 3 Californians. Those that qualify for the CalEITC, specified ITIN filers, and those making $75,000 or less will receive $600 payments. A future round of payments will be made to those with children.
Weideman Group’s Principal and Founder, Mark Weideman, was recognized in the Capitol Weekly Top 100, which identifies the most influential people in California policy and politics. Mark came in at number 53 and was the third highest contract lobbyist on the list.