Yesterday's defeat of Proposition 23 in California has come as a sigh of relief to many small businesses and entrepreneurs looking to launch a green tech LLC in California. Consequently, the state's restrictions on greenhouse gas emissions as put forth by 2006's AB 32 law will be allowed to proceed through tough economic conditions and high unemployment figures.
Prop 23 was largely supported by big oil corporations such as Valero Energy and Tesoro, which contributed nearly $7 million to back the campaign. However, opponents of the measure were able to raise $31 million - far outweighing the proponents' total of $11 million.
However, many oil companies maintain that AB 32's cap-and-trade regulations, which will go into effect in 2012, will face continued opposition.
“We do believe that Prop 23 and the votes it received will have an influence on the final rules and regulations in California as well as across the U.S.,” said Bill Day, spokesman for Valero.
If AB 32 proceeds as planned, California's blossoming renewable energy industry will help the state reach 1990 emissions levels by 2020. With more green tech markets popping up throughout the U.S. and the rest of the world, Californians are hoping the defeat of Prop 23 will help the Golden State remain a principal leader in renewable energy innovation.
Tags : business licenses & permits, ca, small business management, taxes
Posted: Nov 3rd, 2010