This bill will authorize $5 billion in bonds, to be supplied by the General Fund, which will be allocated for the purpose of spurring investment in alternative fuels. The specific breakdown of these bonds will be broken down depending on the variety of investment. 58% of the bonds will be paid to purchasers of high fuel economy or alternative fuel vehicles. 20% will be used to provide tax incentives for research, development and production of more renewable sources of energy. 11% will be used to provide tax incentives for research and development of alternative fuels. 5% will be given in incentives for purchase of renewable energy-related technology, 4% to educational grants related to these technologies, and 3% to colleges for the purposes of training students in the usage of these technologies.
A “Yes” vote would allow California to sell $5 billion in bonds to raise programs that support alternative fuels and renewable energy.
- It will aid in the fight against global warming, and have other demonstrably positive impacts
- It combines a demand-side set of rebates with a supply-side set of tax incentives to allow supply and demand to work out the energy crisis
- It will require no taxation, but instead will increase the State’s revenues by almost a billion dollars on the basis of existing taxes and vehicle licensing fees
- Studies estimate that for every $1 billion Proposition 10 spends, 1700 megawatts of power will be produced
- It is consistent with a limited model of Government, considering that the Government only gives incentives for production without actually interfering through regulation
A “No” vote means that California would not sell bonds to raise money for alternative fuels and renewable energy.
- It gives taxpayer money to an overly restricted set of alternative energy sources, all of which were chosen to help the profits of private individuals
- It limits innovation by deciding a priori that some sources of energy are more likely to produce than others, with virtually no proof of this idea
- Its incentives and subsidies would only go to a limited variety of vehicles, despite the claims that they will spur innovation
- California’s budget is so sapped for money that more borrowing for a plan with this many holes is not an affordable luxury
- It makes California residents dependent on the out-of-State producers who would benefit most from this bill
Comments
The automotive industry is
The automotive industry is going to fix itself. The US govt has already passed laws requiring better mileage vehicles. Even Ford has 3/12 vehicles in its lineup that exceed 30mpg (for 2009 lineup).
I don't think it's fair for ME to pay for YOUR next car.
California's revenue vanishes into thin air. Where does it all go?!? Don't make it worse.
Prop 10
Give each household the incentive to really produce it's own renewable powersource. The big utilities want us to pay for what they should have been doing long ago with their huge profits. Why should we pay for their business expenses. No on prop 10.
Facebook
YouTube
Digg
StumbleUpon
Delicious
Technorati
Twitter
Newsvine
Propeller
Mixx
Xanga
LinkedIn