SB2756 Summary

• Requires the Public Utilities Commission to establish a two-tier annual water carrier rate adjustment system by January 1, 2024, consisting of automatic consumer price index adjustments (Tier 1) and expense-justified rate increases with performance requirements (Tier 2), capped at 5% annually and excluding fuel surcharges.

• Establishes a water carrier agriculture cargo shipping subsidy program to be administered by the Department of Transportation Harbors Division using standards and qualifications from other state administrative grant programs.

• Appropriates $200,000 for fiscal year 2022-2023 to the Public Utilities Commission to establish the two-tier rate adjustment system.

• Appropriates $750,000 for fiscal year 2022-2023 to the Department of Transportation for an interstate water carrier agriculture subsidies program supporting agriculture cargo shipping.

• Takes effect on January 1, 2050.