Energy: transmission infrastructure accelerator: financing.

The bill went from a single sentence of legislative intent to a multi-section statute amending Government Code sections 11126, 12100.111, 63049.71 through 63049.74, adding new section 12100.111.5, and amending Revenue and Taxation Code sections 17053.40 and 23640.

Added certification requirements under penalty of perjury: developers must certify their prime contractor has completed at least two electrical transmission projects in California in the prior 10 years, and owners must certify maintenance contractors have frequently performed transmission infrastructure work for an electrical corporation or local publicly owned utility in the prior 10 years.

Final authority to provide financial assistance under the California Transmission Accelerator Revolving Fund Program shifted from the accelerator to I-Bank, which must now consider credit and financial aspects before approving a project.

Added deadline of December 31, 2026 for the accelerator to coordinate state transmission planning activities, and December 31, 2027 for the accelerator to develop program guidelines.

Extended the program sunset/repeal date from January 1, 2031 to January 1, 2036.

Added specific criteria that selected transmission projects must meet: at least one interconnection point within the ISO balancing authority area, applicant or affiliates must have previously completed a transmission project in California, and support for new high-voltage facilities subject to ISO competitive solicitation consistent with state reliability and greenhouse gas objectives.

Added specific criteria that project sponsors must meet: prior completion or award of a transmission project in-state or out-of-state, reduction of FERC cost recovery requests by the amount of savings from tax credits under Sections 17039 and 23036 of the Revenue and Taxation Code, compliance with Section 94510 of the Public Resources Code (funded without return on equity), and commitment to request FERC revenue requirements reflecting actual capital structure.

The revolving fund must now be separate from any other I-Bank fund or account and organized as a public enterprise fund. The limitation requiring legislative appropriation before bank fund moneys could be used for program financing was removed, making those funds continuously available.

Added Bagley-Keene Open Meeting Act exception allowing the I-Bank board to hold closed sessions when considering an accelerator financing plan or discussing trade secrets or confidential proprietary information, with legislative findings required by the state constitution.

Revised the definition of 'eligible transmission project' for tax credit purposes (Sections 17053.40 and 23640 of the Revenue and Taxation Code) to require that the project meet accelerator project criteria and comply with the new contractor certification requirements.

The bill now requires a two-thirds vote in each house due to a change that results in a taxpayer paying a higher tax under Article XIIIA of the California Constitution, and is classified as a state-mandated local program due to the expansion of the perjury crime.