Bill > SB840

This bill makes changes to how revenues from the Greenhouse Gas Reduction Fund are allocated and managed, and it directs studies on greenhouse gas reduction strategies, covering fiscal years up to and including 2026-27. * **Greenhouse Gas Reduction Fund (GGRF) Allocation Changes:** The bill makes the current continuous appropriations from the GGRF inoperative on July 1, 2026. Beginning with the 2026-27 fiscal year, it establishes a new priority for allocating moneys in the fund. * **High-Speed Rail Authority:** $1,000,000,000 is continuously appropriated without regard to fiscal year for the High-Speed Rail Authority for acquisition, construction, environmental review, design, and other capital costs, as well as loan repayment for the initial operating segment and Phase I Blended System. * **Strategic Growth Council:** $800,000,000 is continuously appropriated to the Strategic Growth Council for the Affordable Housing and Sustainable Communities Program, with at least 10% dedicated to affordable housing. * **Transportation Agency:** * $400,000,000 is continuously appropriated to the Transportation Agency for the Transit and Intercity Rail Capital Program. * $200,000,000 is continuously appropriated to the Transportation Agency for the Low Carbon Transit Operations Program. * **State Air Resources Board:** $250,000,000 is appropriated to the State Air Resources Board for community air protection programs, including financial incentives to reduce mobile and stationary sources of air pollutants and support for local air districts. * **Department of Forestry and Fire Protection:** $200,000,000 is appropriated to the Department of Forestry and Fire Protection for healthy forest and fire prevention programs, and for prescribed fire and other fuel reduction projects. * **Safe and Affordable Drinking Water Fund:** $130,000,000 is transferred to the Safe and Affordable Drinking Water Fund. * **Legislative Counsel Climate Bureau:** $3,000,000 is appropriated for the establishment of the Legislative Counsel Climate Bureau. * **University of California Climate Research Center:** $25,000,000 is reserved for seed funding for a University of California Climate Research Center. * **Topanga Park:** $15,000,000 is reserved for rebuilding Topanga Park. * **Climate-Focused Innovation:** $85,000,000 is reserved for an entity chosen by the Legislature to support climate-focused technological innovation, research, and deployment. * **Offset Studies:** The State Air Resources Board is required to conduct studies and report recommendations on offset projects by December 31, 2026, and to update offset protocols to reflect the best available science by January 1, 2029, and every five years thereafter. * **Urgency Clause:** The act takes effect immediately as an urgency statute.