AB 1683 Summary

• Increases the California Alternative Energy and Advanced Transportation Financing Authority membership from 5 to 7 members, adding one state legislator appointed by the Senate Committee on Rules and one appointed by the Speaker of the Assembly, both serving as nonvoting members.

• Maintains the annual cap on sales and use tax exclusions for approved projects at $100,000,000 per calendar year.

• Allows unallocated tax exclusion amounts from one calendar year to roll over to the following year, not to exceed one year of rollover.

• Requires the authority to approve project applications on a competitive basis, as declared by legislative intent.

• Applies to projects promoting California-based manufacturing, California-based jobs, advanced manufacturing, greenhouse gas reduction, and reductions in air and water pollution or energy consumption, with authority authorization expiring January 1, 2021.