Proposition 70: Spending Rules for Cap and Trade Revenue
Available once the California Secretary of State has certified the election. This can take up to 3 weeks or more.
Yes votes:2,251,740 (35.3%)
No votes: 4,126,406 (64.7%)
Beginning on January 1, 2024, revenue collected from the sale of state greenhouse gas emission permits would be deposited into a new special fund. These deposits would continue until the effective date of a bill that spends money from that fund, passed with a two-thirds vote of each house of the Legislature. The current state sales tax exemption for manufacturing and certain other equipment would be suspended during the same period that auction revenue is deposited into the special fund.
- Berkeley IGS Poll
- Public Policy Institute of California
Supporters say the future of California’s signature climate change program depends on demonstrating that we can protect our environment while growing our economy. To accomplish this goal Proposition 70 helps ensure that the money to reduce greenhouse gases is spent in the wisest and most cost effective way; that protects taxpayers and our most polluted communities.
Opponents claim that the measure grew out of an oil industry-backed effort to derail the state's program to curb harmful air pollution. They say that the current policies are working, and that the 2/3 supermajority requirement will lead to gridlock.
|California Chamber of Commerce|