A new “clean energy jobs fund” is to be created in California using money from a closed loophole that had allowed companies to avoid paying millions of dollars of tax in the state.
Residents of California have voted overwhelmingly for closing the loophole, which had enabled businesses based outside California avoid paying taxes on their sales within the state.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
From the estimated US$1 billion that is due to be raised annually from the approval of so-called Proposition 39, up to US$550 million will be channelled every year for five years into an energy efficiency and clean energy fund.
This is designed to stimulate potentially thousands of clean-tech jobs by supporting energy efficiency and renewable energy programmes – such as the installation of solar panels on schools or other buildings.
Senator Kevin De Leon, co-chair of the Proposition 39 Campaign, said: “With the passage of Proposition 39, we are able to close an egregious corporate tax loophole that only benefits out-of-state companies at the expense of expanded employment in our state.”
