Existing law establishes a low-income housing tax credit program for which the California Tax Credit Allocation Committee (CTCAC) provides procedures and requirements for the allocation, in modified conformity with federal law, of state insurance, personal income, and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing. Existing law limits the total annual amount of the state low-income housing credit for which a federal low-income housing credit is required to the sum of $70,000,000, as increased by any percentage increase in the Consumer Price Index for the preceding calendar year, any unused credit for the preceding calendar years, and the amount of housing credit ceiling returned in the calendar year. Existing law governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law provided an allocation of $500,000,000 for the 2020 calendar year and, for calendar years beginning in 2021, also provides for an additional amount that may be allocated, up to $500,000,000, to specified low-income housing projects that are new buildings that are federally subsidized, as specified. Existing law provides that this additional amount is only available for allocation pursuant to an authorization in the annual Budget Act. Existing law requires specified regulatory action by CTCAC aimed at increasing production and containing costs, including a scoring system that maximizes the efficient use of public subsidy and benefit created through the low-income housing tax credit program, as specified. This bill would require CTCAC to consider amending the regulatory scoring system to establish a housing type for farmworker housing projects, as specified in the existing CTCAC regulation. The bill would also require the CTCAC to consider using the same point allocations provided for rural set-aside projects in assigning points to farmworker housing based on the proximity of amenities to an eligible farmworker housing project. Existing federal immigration law authorizes employment of nonimmigrant agricultural workers, known as H-2A workers, if specified requirements are met, including that the employer furnish housing, as provided. Existing law generally prohibits providing state funding to an employer or its agent who employs an H-2A worker for the purposes of funding housing and requires an employer that receives state funding for that purpose to reimburse the state by that amount, as specified. Existing law defines "state funding" for this purpose to exclude the allocation of federal or state low-income housing tax credits. This bill, for taxable years beginning on or after January 1, 2027, would include the allocation of state low-income housing tax credits within the definition of "state funding" and would prohibit providing low-income housing tax credits for projects to provide farmworker housing used to comply with the above-described H2-A housing requirement. This bill would incorporate additional changes to Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code proposed by Senate Bill 1072 to be operative only if this bill and Senate Bill 1072 are enacted and this bill is enacted last. This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIIIA of the California Constitution, and thus would require for passage the approval of 23 of the membership of each house of the Legislature. This bill would take effect immediately as a tax levy.
Existing property tax law, pursuant to constitutional authorization, provides for a "welfare exemption" for property used exclusively for religious, hospital, scientific, or charitable purposes and that is owned or operated by certain types of nonprofit entities, if certain qualifying criteria are met. That law provides a partial welfare exemption in the case of residential rental property used for lower income households, as specified, calculated as that percentage of the value of the property that is equal to the percentage that the number of units serving lower income households represents of the total number of residential units. This bill would provide a partial welfare exemption in the case of certain residential rental property used for low- and moderate-income households. The partial exemption would be equal to that percentage of the value of the property that is equal to the percentage that the number of units serving low- and moderate-income households, as defined, represents of the total number of residential units, as provided. The bill would require an owner to make specified certifications relating to the use of the property. By expanding the duties of local tax officials, and by expanding the crime of perjury, the bill would impose a state-mandated local program. This bill would declare that its provisions are severable. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that with regard to certain mandates no reimbursement is required by this act for a specified reason. With regard to any other mandates, this bill would provide that, if the Commission on State Mandates determines that the bill contains costs so mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above. Existing law requires the state to reimburse local agencies annually for certain property tax revenues lost as a result of any exemption or classification of property for purposes of ad valorem property taxation. This bill would provide that, notwithstanding those provisions, no appropriation is made and the state shall not reimburse local agencies for property tax revenues lost by them pursuant to the bill. This bill would take effect immediately as a tax levy.
This House Resolution formally recognizes the importance of affordable homeownership for California families, particularly those with lower incomes, and highlights how nonprofit-led programs help build generational wealth and reduce economic disparities. The document emphasizes that existing state programs like CalHome support the construction and preservation of affordable homes through competitive funding to cities, counties, indigenous communities, and nonprofit builders such as Habitat for Humanity. While the resolution does not create new laws or funding, it serves as an official acknowledgment of homeownership's role in improving educational outcomes, health, civic participation, and neighborhood stability. The text also notes California's significant housing deficit and racial wealth gaps as context for why expanding affordable ownership opportunities is a priority for state policy.
Prospective federal law, the federal 21st Century ROAD to Housing Act (H.R. 6644) , prohibits a large institutional investor from purchasing, or entering into a contract to directly or indirectly purchase, any single-family home, except as specified. If the above-described federal legislation is enacted, this bill would authorize the Attorney General, district attorney, or county counsel to coordinate with the Secretary of the United States Department of Housing and Urban Development, the Director of the United States Federal Housing Finance Agency, the Chair of the United States Securities and Exchange Commission, and the Secretary of the Treasury of the United States in the implementation of federal regulations, as described, related to violations of federal law involving tenants residing in properties owned, maintained, and managed by institutional investors. Existing law establishes various real estate disclosure requirements applicable to the transfer of residential real property. Before entering into specified transactions relating to residential real property, including an individual sale of residential real property, this bill would require an institutional investor, as defined, to provide written notice of the institutional investor's intent to sell the property to each tenant at least 90 days before advertising the residential real property for sale in a multiple listing service, as specified. The bill would require the notice to include, among other things, a statement that the tenant has the right to remain in possession until the end of the lease term, except as specified. For sales of residential real property containing 1 to 4 residential dwelling units by an institutional investor, this bill would require the institutional investor to, among other things, only accept offers from prospective owner-occupants, including any tenant in possession, during the first 30 days after the property is listed for sale. The bill would require the prospective owner-occupant to submit with their offer an affidavit or declaration executed under penalty of perjury stating they are purchasing the residential real property as an owner-occupant, as described. The bill would subject a prospective owner-occupant or an institutional investor to criminal or civil liability. The bill would also require an institutional investor that sells residential real property to record, or cause to be recorded, a certification of compliance under penalty of perjury, as specified. The bill would require the failure to record the certificate of compliance to result in a civil penalty, as described. By expanding the scope of existing crimes, the bill would impose a state-mandated local program. This bill would also authorize the Attorney General, district attorney, city attorney, and tenant to bring an action in the superior court to enforce the bill's provisions, and upon prevailing, would allow for injunctive relief and civil penalties, as specified. The bill would require its provisions to be construed consistently with the above-described federal act, if enacted, and would make its provisions severable. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.
Existing law authorizes the legislative body of a city or a county to establish an enhanced infrastructure financing district to finance public capital facilities or other specified projects of communitywide significance, including the acquisition, construction, or rehabilitation of housing for persons of very low, low, and moderate income. Existing law authorizes the City and County of San Francisco to establish a downtown revitalization and economic recovery financing district for the purpose of financing commercial-to-residential conversion projects with incremental tax revenues generated by commercial-to-residential conversion projects within the district. Existing law requires the City and County of San Francisco to establish a board for the district at the same time that it adopts the resolution of intention to form the district, and requires the district to prepare a downtown revitalization financing plan (financing plan) that includes specified information and requirements, including that the first distribution of incremental tax revenues distributed back to a commercial-to-residential conversion project commence with the fiscal year that begins after the project is issued a certificate of occupancy. Existing law, among other things, requires a district to establish a process for eligible commercial-to-residential conversion projects identified in the financing plan to opt into receiving incremental tax revenue generated by the respective project. Existing law specifies that the commercial-to-residential conversion projects that opt in to receive incremental tax revenue are public works for which prevailing wages are required to be paid, as specified, and requires the commercial-to-residential conversion projects that opt in to receiving incremental tax revenue to comply with labor standards adopted by the Board of Supervisors of the City and County of San Francisco, as provided. This bill would additionally authorize any city, county, or city and county, except the City and County of San Francisco, to establish a downtown revitalization and economic recovery financing district for the purpose of financing specified commercial-to-residential conversion projects with incremental tax revenues generated by commercial-to-residential conversion projects within the district. The bill would require the district to meet the requirements imposed on the City and County of San Francisco when establishing a downtown revitalization and economic recovery financing district described above and would modify the required components of the district's proposed financing plan, as provided. The bill would make various conforming changes to the above-described provisions in this regard and would also make technical changes. This bill would further specify that, for purposes of the preparation of a financing plan, if the city, county, or city and county does not issue certificates of occupancy, the first distribution of incremental tax revenue to a commercial-to-residential conversion project shall be made with the fiscal year that begins after the project completes a final inspection. The bill would remove the requirement that commercial-to-residential conversion projects that opt in to receive incremental tax revenue comply with labor standards adopted by the Board of Supervisors of the City and County of San Francisco and would instead subject such projects to specified labor standards. Existing law requires a certain portion of any ad valorem property tax revenue annually allocated to the local government that is specified in the adopted financing plan, as described, to be allocated to and, when collected, apportioned to a special fund of the district for all lawful purposes of the district. Existing law also requires those revenues to be allocated and apportioned to the local government when the district ceases to exist pursuant to the financing plan. This bill would remove those provisions.
Under existing law, the executive branch of state government includes the Business, Consumer Services, and Housing Agency. This reorganization plan, as of July 1, 2026, would eliminate that agency and instead establish in state government the Business and Consumer Services Agency and the California Housing and Homelessness Agency, and would make conforming changes. The plan would provide that the California Housing and Homelessness Agency consists of specified departments. The plan would require the Secretary of California Housing and Homelessness to take various actions, including coordinating specified policies and programs, considering opportunities to align specified requirements and timelines, and coordinating with other departments and agencies, to achieve specified objectives. The plan would specify that the Business and Consumer Services Agency is headed by the Secretary of Business and Consumer Services, and require the California Housing and Homelessness Agency and the Business and Consumer Services Agency, as specified, to coordinate state policy, programs, and funding to help the state achieve its objectives related to housing, homelessness, and consumer protections and minimize service disruption due to the dissolution of the Business, Consumer Services, and Housing Agency, as provided. This reorganization plan, as of July 1, 2026, would establish the Housing Development and Finance Committee within the California Housing and Homelessness Agency, headed by an executive director, and, upon appropriation, require all multifamily affordable housing programs, as defined, to be administered by the committee, as specified. This reorganization plan would establish within the Business, Consumer Services, and Housing Agency a Housing Development and Finance Executive Committee for the purpose of centralizing affordable housing finance policymaking across state government. The plan would transfer the executive committee to the Housing Development Finance Committee effective July 1, 2026. The plan would require the executive committee to take various actions, including coordinating a cohesive and integrated housing finance system, overseeing the allocation of multifamily affordable housing programs, creating a consolidated application for multifamily affordable housing developers and a coordinated review process for the application of funds, and streamlining compliance monitoring of affordable multifamily rental housing developments, as specified. Existing law requires the Governor to establish the Interagency Council on Homelessness and requires the council to consist of specified members. Under existing law, there is an executive officer of the council who is under the direction of the Secretary of Business, Consumer Services, and Housing and the council is required to be staffed by employees of the Business, Consumer Services, and Housing Agency. This reorganization plan would establish the California Interagency Council on Homelessness as an independent entity within the California Housing and Homelessness Agency and would rename the existing council as the California Interagency Executive Council on Homelessness and establish it within the California Interagency Council on Homelessness. This reorganization plan would authorize state agencies, departments, or entities to take actions prior to July 1, 2026, that are necessary to ensure that the provisions of the plan become operative on July 1, 2026, and are implemented in a timely fashion, as specified.
Existing law establishes a low-income housing tax credit program pursuant to which the California Tax Credit Allocation Committee (CTCAC) provides procedures and requirements for the allocation, in modified conformity with federal law, of state insurance, personal income, and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing. Existing law limits the total annual amount of the state low-income housing credit for which a federal low-income housing credit is required, as specified. That law authorizes a taxpayer to make an election in its application to the CTCAC to sell all or any portion of any credit allowed. This bill would instead authorize a taxpayer to make that election in the manner prescribed by the CTCAC, as provided.
Under existing law, there are programs providing assistance for, among other things, emergency housing, multifamily housing, farmworker housing, home ownership for very low and low-income households, and downpayment assistance for first-time home buyers. Existing law also authorizes the issuance of bonds in specified amounts pursuant to the State General Obligation Bond Law and requires that proceeds from the sale of these bonds be used to finance various existing housing programs, capital outlay related to infill development, brownfield cleanup that promotes infill development, and housing-related parks. Existing law, the Veterans and Affordable Housing Bond Act of 2018, authorized, the issuance of bonds in the amount of $4,000,000,000 to finance various existing housing programs, as well as infill infrastructure financing and affordable housing matching grant programs, as well as financing for a specified program for farm, home, and mobilehome purchase assistance for veterans, pursuant to the State General Obligation Bond Law. This bill would enact the Veterans and Affordable Housing Bond Act of 2026, which, if adopted, would authorize the issuance of bonds in the amount of $11,250,000,000, pursuant to the State General Obligation Bond Law. Of the proceeds from the sale of these bonds, $10,000,000,000 would be used to finance programs to fund affordable rental housing and home ownership programs, including, among others, the Multifamily Housing Program, the CalHome Program, and the Joe Serna, Jr. Farmworker Housing Grant Program, and $1,250,000,000 would be used to provide additional funding for the above-described program for farm, home, and mobilehome purchase assistance for veterans, as provided. This bill would provide for submission of the bond act to the voters at the November 3, 2026, statewide general election, in accordance with specified law. This bill would declare that it is to take effect immediately as an urgency statute.
(1) Existing law establishes the Department of Forestry and Fire Protection in the Natural Resources Agency and requires the department to coordinate programs of fire protection, fire prevention, pest control, and forest and range maintenance and enhancement. This bill would require the department, on or before July 1, 2029, in consultation with the Department of Insurance, the Natural Resources Agency, the Office of Emergency Services, and other relevant departments, to develop standards for state and local agencies to aggregate and make available data related to parcel-, neighborhood-, and community-level wildfire risk for the purpose of enabling a wildfire data sharing platform, as provided. The bill would require the department to incorporate those data standards into community wildfire risk reduction metrics. (2) Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and prescribes their powers and duties. Existing law requires, on or before April 1, 2026, and every 2 years thereafter, an admitted insurer with written California premiums totaling $12,000,000 or more to submit a report to the Insurance Commissioner on its residential property experience data for the previous 2 years for policies written in California, as specified. Existing law requires this information submitted to the commissioner to be confidential, exempt from the California Public Records Act, and not subject to subpoena, as provided. This bill would authorize the Department of Insurance to provide information submitted to the department, including, among other things, the property experience data described above, to researchers and government agencies for the purpose of evaluating California wildfire risk, insurance protection gaps, or wildfire risk mitigation, as provided. The bill would require any published data product collected pursuant to the above-described authority that is provided to a researcher or government agency to be anonymized and aggregated sufficiently to avoid identification of individual company losses, claims data, or information on confidential business practices, as specified, and would prohibit subsequent reports from identifying an individual respondent or insurer. (3) Existing law requires the Department of Forestry and Fire Protection to annually provide to the Legislature a report detailing the department's fire prevention efforts and annually post on its internet website information regarding hazardous fuel reduction and vegetation management projects funded or conducted by the department, as provided. Existing law requires the department to develop a standardized protocol for monitoring implementation and evaluating the positive and negative ecological and fire behavior impacts from vegetation management projects undertaken by the state, as provided. This bill would repeal those requirements and would instead require the department, on or before March 1 of each year, to prepare and submit a report to the Legislature on the detailed efforts made in California towards wildfire prevention and community preparedness, as provided. Existing law requires the Wildfire and Forest Resilience Task Force, including the Natural Resources Agency and the department, among others, in coordination with certain public agencies, to develop a comprehensive implementation strategy to track and ensure the achievement of the goals and key actions identified in California's Wildfire and Forest Resilience Action Plan, as provided. This bill would require, on or before July 1, 2027, and every 5 years thereafter, the Secretary of the Natural Resources Agency, in consultation with the State Fire Marshal, the Wildfire and Forest Resilience Task Force, the Wildfire County Coordinator Program, and the State Hazard Mitigation Officer to prepare a comprehensive statewide community wildfire preparedness strategy, as provided. The bill would require the State Fire Marshal to support communities in the development of optional county-level community wildfire protection plans that align with the community wildfire preparedness strategy, as provided. The bill would require a local entity, in order to receive state funding to implement its community wildfire protection plan, to provide annual updates and progress on its efforts to meet the goals of its plan. (4) Existing law establishes the Continuation Account in the Wildfire Fund, to be administered by the Wildfire Fund Administrator, and continuously appropriates moneys in the Continuation Account for purposes of payment of eligible claims arising from wildfires ignited on or after September 19, 2025, as provided. Existing law requires each large electrical corporation to provide to the Public Utilities Commission a written notification of its election to participate, or not to participate, in the Continuation Account, and requires the commission, if all participating electrical corporations have provided their election to participate in the Continuation Account, to provide the administrator and other entities notification of their elections. Existing law authorizes the administrator, on or after the date the commission provides that notification, but not later than December 31, 2028, to determine if annual contributions from large electrical corporations are needed to enable the Continuation Account to fund the timely payment of eligible claims, as provided. Existing law requires the commission, within 15 days of receiving notification from the administrator that additional annual contributions are required, to initiate a rulemaking proceeding to consider using its authority to require the large electrical corporations to collect a nonbypassable charge from ratepayers to support the Continuation Account, including the payment of any bond issued for the support of the Continuation Account, as provided. Existing law authorizes the Department of Water Resources to issue bonds, in an aggregate amount up to $9,000,000,000, as provided, to support the Continuation Account. If the commission imposes the nonbypassable charge to support the Continuation Account, existing law requires the large electrical corporations, from calendar years 2029 to 2045, inclusive, to provide to the administrator their annual contributions, as specified, for deposit into the Continuation Account. This bill would, if the administrator provides that notification, additionally authorize the administrator to incur indebtedness and issue bonds solely for purposes of supporting the Continuation Account and other related expenses incurred by the administrator, provided that bonds authorized under this provision are payable solely from annual contributions and additional contributions, as provided. The bill would authorize bonds issued by the department, at the discretion of the administrator, to be secured solely by ratepayer contributions, as specified. The bill would prohibit the Wildfire Fund or Continuation Account from being terminated while bonds issued by the department remain outstanding, unless an amount sufficient to pay remaining debt service on those bonds has been irrevocably set aside for those purposes, as specified. Upon the determination of the administrator that the Wildfire Fund should be terminated, the bill would require any remaining Wildfire Fund assets to be transferred to the Continuation Account, and upon the determination of the administrator that the Continuation Account should be terminated, the bill would require any remaining funds to be transferred to the General Fund. By transferring those moneys into a continuously appropriated account, the bill would make an appropriation. The bill would make additional technical and conforming changes. Existing law requires revenues and bond proceeds received by the department to be deposited in the Department of Water Resources Charge Fund and continuously appropriates the moneys in the Department of Water Resources Charge Fund to the department for specified purposes, including transfers to the Wildfire Fund and payment of the bonds. This bill would require revenues and bond proceeds received by the department pursuant to the provisions related to the Continuation Account to be deposited into an account or subaccount within the Department of Water Resources Charge Fund, and to be held separate and apart from amounts held in the Department of Water Resources Charge Fund pursuant to provisions related to the Wildfire Fund, as specified. (5) This bill would create the California Wildfire Relief Fast-Pay Program and would require the California Catastrophe Response Council to appoint a fast-pay administrator to administer the fast-pay program. The bill would require the fast-pay administrator to establish and approve procedures for the review, approval, and timely payment of claims by individual claimants for damages as a result of an activating wildfire, as defined. If the eligible entity, defined as an electric utility or public agency that has a wildfire mitigation plan approved by the Office of Energy Infrastructure Safety (office) , is a participating electrical corporation, as defined, the bill would require settlements pursuant to the fast-pay program to count as settlements of eligible claims and to be paid from the account, as specified. If the eligible entity is not a participating electrical corporation, the bill would require the eligible entity to be solely responsible for directly paying amounts to satisfy settlement offers pursuant to the fast-pay program. This bill would, among other things, prohibit an individual, business corporation, or other entity from selling, assigning, or transferring any wildfire claim, or any right of recovery on a wildfire claim, to a private equity group, and would prohibit an individual, wildfire attorney, corporation, or other entity from selling, assigning, or transferring, in whole or in part, any contingency fee on an interest in a contingency fee, except as provided. This bill would prohibit a private equity group from paying any wildfire expenses with respect to a wildfire claim and from funding wildfire advertising costs with respect to any applicable wildfire that damages or destroys (1) more than 100 structures, or (2) more than 10,0000 acres of land, and would authorize the Attorney General or any district attorney to bring a civil action to enforce that prohibition, as specified. (6) Existing law regulates, among other things, fee agreements, legal advertising and referral services, the sale of financial products to a client, and unlawful solicitation. This bill would require an attorney who contracts to represent a client involving a claim against an electric utility involving an applicable wildfire shall provide a disclosure to the client the options and requirements involving the fast-pay program, as provided. The bill would prohibit a person, firm, partnership, association, or corporation from making an unsolicited targeted communication to solicit any business for any attorneys concerning a potential action for wrongful death, personal injury, or property damage within 30 days of an event, defined as an incident resulting in the proclamation of a state of emergency, as specified. The bill would prohibit, for any claim based on inverse condemnation against an electrical corporation arising from a covered wildfire caused by an electrical corporation, the fee for an attorney representing an insurer involving a subrogated claim from exceeding 10% of the settlement or judgment. (7) Existing law, the Bagley-Keene Open Meeting Act, requires, with specified exceptions, that all meetings of a state body be open and public and all persons be permitted to attend. Existing law authorizes certain state bodies to hold closed session meetings for certain purposes, including authorizing the governing board or advisory panel of the California Earthquake Authority (CEA) to hold closed sessions when addressing the development of rates, reinsurance, and strategy when discussion in open session concerning those matters would prejudice the position of the CEA. This bill would additionally authorize the California Catastrophe Response Council to hold closed sessions when addressing either the administration or evaluation of individual claims submitted for reimbursement from the Wildfire Fund or the Continuation Account, or the development of strategy related to reinsurance or other mechanisms to extend the durability of the Wildfire Fund or Continuation Account, as specified. The California Public Records Act requires a public agency, defined to mean a state or local agency, to make its public records available for public inspection and to make copies available upon request and the payment of a fee, unless the public records are exempt from disclosure. This bill would exempt records held by the California Catastrophe Response Council, or the California Earthquake Authority as the Wildfire Fund Administrator, that relate to the administration or evaluation of claims submitted for reimbursement from the Wildfire Fund or Continuation Account from the California Public Records Act, as specified. (8) Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect. (9) Existing law requires the Director of the Office of Energy Infrastructure Safety to issue a certificate to an electrical corporation if the electrical corporation provided documentation of certain conditions, including a condition that the electrical corporation has established (1) an executive incentive compensation structure approved by the Office of Energy Infrastructure Safety and structured to promote safety as a priority to ensure public safety and utility financial stability with performance metrics for all executive officers, which may include denying all incentive compensation if the electrical corporation causes a catastrophic wildfire that results in one or more fatalities and (2) a compensation structure that meets certain principles. This bill would revise the recast the requirement related to the executive incentive compensation structure, among other things, to require the electrical corporation to file the approved written executive incentive compensation structure with the office at least one year before the executive incentive compensation structure would become effective. The bill would require the office to approve an electrical corporation's executive incentive compensation structure if it is structured to promote safety as a priority and to ensure public safety and utility stability with performance metrics, includes a provision denying all short-term incentive compensation, as defined, to the chief executive officer, or the officer holding an equivalent position, for a calendar year in which the electrical corporation causes a catastrophic wildfire that results in one or more fatalities, and meets the principles specified in existing law for the compensation structure. For a large electrical corporation, as defined, the bill would additionally require the executive incentive compensation structure to meet certain requirements, including a requirement for the structure to include a written presumption that 35% of the total incentive compensation for each executive officer will be denied for at least one year in the event the electrical corporation causes a catastrophic wildfire that result in one or more fatalities. (10) Under existing law, a violation of an order, decision, rule, direction, demand, or requirement of the commission is a crime. Because a violation of a commission action implementing the bill's requirements would be a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. (11) This bill would declare that it is to take effect immediately as an urgency statute.
The Building Homes and Jobs Act (BHJA) creates in the State Treasury the Building Homes and Jobs Trust Fund and requires the moneys in the fund to be appropriated through the annual Budget Act or as prescribed in the BHJA. This bill would make nonsubstantive changes to that provision.
