CA AB2055

Establishes a 25% reserve of California Competes Tax Credit allocations beginning in fiscal year 2018-19 for taxpayers making qualified sustainable freight investments in trade corridors.

Defines "qualified sustainable freight investment" as purchase or installation of zero-emission and near-zero-emission equipment and support infrastructure in eligible trade corridors, as defined by the Trade Corridors Improvement Fund criteria.

Requires the Franchise Tax Board to review books and records of taxpayers receiving credits for qualified sustainable freight investments to ensure compliance with written agreements with the Governor's Office of Business and Economic Development.

Directs GO-Biz to apply standard allocation criteria and create equivalent criteria for jobs created or retained under collective bargaining agreements when allocating credits to qualified sustainable freight investment projects.

Makes findings that California's trade infrastructure requires public financing mechanisms and that investment in zero-emission and near-zero-emission technology at seaports and in trade corridors is a matter of statewide importance.