A trade group says California’s effort to slow global warming may put a deep freeze on the state’s economy.
A study commissioned by The California Manufacturers and Technology Association says San Diego city and county could lose $170 million in tax revenue over the next eight years if AB 32 is implemented in January. The legislation aims to reduce greenhouse gas emissions in the state to 1990 levels by 2020. Association President Jack Stewart says the law puts California at a competitive disadvantage.
"We’ve seen a dramatic flight of businesses out of California over the last several years during this recession, and actually before," he said. "And what’s going to happen is, our fear, is that when you have these new AB 32 cost put on business, you’re going to see more and more companies deciding to go some place else to manufacture."
Stewart said his group doesn’t want to overturn the law, however, just put it off until a less costly implementation plan is developed. In November 2010, voters rejected an attempt to suspend the measure.
