CA AB296

Establishes the Climate Innovation Grant Program administered by the Strategic Growth Council to award grants for development and research of technologies that reduce greenhouse gas emissions or address climate change impacts, including carbon sequestration, air pollution removal, clean energy grids, transportation solutions, water quality, and soil quality improvements.

Creates the Climate Innovation Fund in the State Treasury and makes it continuously appropriated to the council for program purposes once the fund accrues $2,000,000.

Allows individual taxpayers to voluntarily contribute amounts in excess of their personal income tax liability to the Climate Innovation Voluntary Tax Contribution Account on their tax returns, with contributions deductible as charitable donations.

Requires the Franchise Tax Board to transfer designated contributions from the Personal Income Tax Fund to the Climate Innovation Fund, with funds allocated to reimburse administrative costs and support grants through a competitive process.

Repeals the program on January 1, 2031, and the voluntary tax contribution provisions if annual contributions fall below $250,000 or by January 1, 2031, whichever is earlier; requires the council to report annually to the Legislature and comply with internet website reporting requirements.