CA AB1507

Establishes maximum cost-effectiveness thresholds for the Carl Moyer Memorial Air Quality Standards Attainment Program grants: $13,600 per ton of NOx reduced (through January 1, 2015), then $12,000 per ton of NOx reduced (effective January 1, 2015), with annual adjustments for inflation.

Requires the State Air Resources Board to revise project guidelines by July 1, 2011 to exclude federal greenhouse gas emission reduction funding and Alternative and Renewable Fuel and Vehicle Technology Program funds from cost-effectiveness calculations when used alongside Carl Moyer Program grants.

Clarifies that cost-effectiveness calculations exclude only specified federal and state alternative fuel program funding, not all public financial assistance, and allows such exclusion only if it provides incremental greenhouse gas emission reduction benefits.

Maintains existing requirements that projects meet all chapter requirements including cost-sharing and matching fund provisions, and that grant amounts not exceed the incremental cost of projects net of taxes and other financial incentives.