CA AB2887

Increases the annual cap on sales and use tax exclusions provided by the California Alternative Energy and Advanced Transportation Financing Authority from $100,000,000 to $150,000,000 per calendar year until January 1, 2026.

Applies to projects that promote California-based manufacturing, California-based jobs, advanced manufacturing, greenhouse gas reduction, or reductions in air and water pollution or energy consumption.

Requires the California Alternative Energy and Advanced Transportation Financing Authority to submit annual reports to the Legislature by January 10 beginning in 2023, detailing the number of businesses receiving exclusions and total dollar value of exclusions allocated.

Specifies that the state shall not reimburse local agencies for sales and use tax revenue losses resulting from this act.

Takes effect immediately as a tax levy upon approval by the Governor on September 6, 2022.