Sales and Use Tax Exclusion for CA Manufacturers and other financing programs

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1 Sales and Use Tax Exclusion for CA Manufacturers and other financing programs California Alternative Energy & Advanced Transportation Financing Authority CAEATFA State Treasurer s Office 915 Capitol Mall, Room 457 Sacramento, CA

2 CAEATFA BACKGROUND Created in 1980 to provide credit support, access to low-cost financing through private activity tax-exempt bonds, loans, and other forms of financial assistance Has broad authority to provide financial assistance for distributed generation, energy efficiency, alternative energy and advanced transportation projects that conserve energy, reduce air pollution and promote economic development and jobs. Available financial assistance can include taxable and tax-exempt bonds, credit enhancements, sales and use tax exclusions, or other financial assistance deemed appropriate by the Authority. 2

3 CAEATFA BOARD MEMBERS Bill Lockyer State Treasurer and Chair John Chiang State Controller Ana J. Matosantos Director of Finance Dr. Robert Weisenmiller Chairperson of the Energy Commission Michael R. Peevey President of the Public Utilities Commission

4 Overview of Presentation Existing Sales and Use Tax Exclusion (STE) Program for Green Manufacturers Expansion of STE Program to Include Advanced Manufacturing Key Questions Timeframe for Development Other Financing Programs

5 Sales and Use Tax Exclusion Program Green Manufacturers (SB 71, 2010) Promotes the creation of California-based manufacturing, California-based jobs, and the reduction of greenhouse gases, air and water pollution, or energy consumption. CAEATFA approves sales and use tax exclusions (STE) for the equipment and machinery used for the design, manufacture, production or assembly of advanced transportation technologies or alternative source products, components or systems. 5

6 ELIGIBILITY CRITERIA The property to be purchased must be used to design, manufacture, produce or assemble an eligible advanced transportation technology or alternative source product, component or system. This definition includes manufacturers of alternative source electricity generation equipment such as solar panels or wind turbines, but excludes the purchase of that equipment for power generation. 6

7 APPLICATION EVALUATION Must meet the project definition criteria. Must pass substantial use test where the qualified property must be used for the intended purposes greater than 50% of the time annually and 75% of the time over the life of the qualified property. Must show a net benefit to the state (evaluation criteria in program regulations). Evaluation criteria measure/quantify the fiscal and environmental benefits of the project and compare the benefits to the cost of the STE. Applications that receive a total of 1,000 or more points and a total environment benefits score of 100 or more points will be recommended for approval. 7

8 Establishing the Net Benefit to the State Marginal Increase in Purchased Equipment, and ultimate Production by the Applicant Fiscal Benefits: Estimates of Applicant s anticipated sales taxes, personal income taxes paid by the firm s employees, firm taxes on profits, property taxes and other indirect fiscal benefits Environmental Benefits: Estimates of the dollar value of greenhouse gas reductions and reduction on dependence of fossil fuels. The environmental benefits are also derived from the capacity of manufactured products to generate electricity from alternative sources, thereby reducing the need for traditionally generated electricity. 8

9 PROGRAM RESTRICTIONS No STE minimum or maximum limits. 25% of the purchases identified in the application must be made within one year of application approval. All purchases must be made within three years following application approval. Program sunsets January 1,

10 HOW THE PROGRAM WORKS Conveyance/Reconveyance Process: Title of Equipment is conveyed to CAEATFA and reconveyed back to Approved Applicant. The Applicant can only convey qualified property to CAEATFA that has not been put to functional use, as defined by BOE. Application Fee.0005 of the price of qualified property identified in the application. $250 min fee, $10,000 max fee. Administrative Fee.004 of the price of the qualified property purchased. $15,000 min fee, $350,000 max fee. 10

11 APPLICATION Applications are accepted on an ongoing basis. Web-based process that provides initial self-scoring results. Applications may be submitted at any time and will be presented at the first meeting occurring at least 60 calendar days after receipt of a complete application. Awards are capped at $100 million of sales tax exclusion per calendar year. 11

12 PROJECTS APPROVED: As of April 16, 2013 Project Benefits Number of Projects 43 Qualified Property Amount $1,185,868,160 STE Amount (Anticipated) $100,454,498 Estimated Environmental Benefit Value $73,885,077 Estimated Fiscal Benefit Value $127,589,379 Estimated Net Benefit Value $101,019,959 Total Jobs 6,023 Total Jobs Due to SB Projects By Industry Type Biogas Capture & Production 9 Biomass Processing and Fuel Production 6 Demonstration Hydrogen Fuel Production 1 Electric Vehicle Manufacturing 2 Energy Efficient LED Manufacturing 1 Geothermal Brine Extraction 1 Landfill Gas Capture & Production 7 Lithium Ion and Battery Material Manufacturing 2 Solar Fuel Generators 1 Solar Photovoltaic Manufacturing (or related) 12 Solid Oxide Fuel Cell Systems Manufacturing 1 12

13 SB 1128: ADVANCED MANUFACTURING Senate Bill 1128 (Padilla, 2012) expanded the existing sales tax exclusion to include advanced manufacturing projects. $100 million in sales tax exclusions per calendar year for all projects. There will be modification to the administrative structure all new applicants (conveyance/reconveyance). For advanced manufacturing projects, the focus of the project evaluation will be on the manufacturing process rather than on the end product. 13

14 ADVANCED MANUFACTURING PROJECTS The SB 1128 STE will be open to a diverse group of industries. Key eligibility requirements for advanced manufacturing systems: Utilize any of the following technology areas: Micro- and nanoelectronics, including semiconductors Advanced materials Integrated computational materials engineering Nanotechnology Additive manufacturing Industrial biotechnology. Result in a substantive advancement in the production of materials and products. Must be a sustainable manufacturing system or technology. 14

15 ADVANCED MANUFACTURING PROGRAM DEVELOPMENT CAEATFA is in the process of developing regulations for the new STE for advanced manufacturing. Any input into the process would be appreciated by the Authority. Public workshops will be held in June and July to solicit input on draft regulations and the proposed program structure. Regulations Enacted in Q3/Q

16 ADVANCED MANUFACTURING KEY QUESTIONS What types of industries have expressed the most interest in SB 1128 and/or consider themselves advanced manufacturing? What is the typical cost of a project/investment for manufacturing in your area? If CAEATFA considers a per-project cap, what would be a reasonable amount that is both meaningful for projects and enables broader distribution of financial assistance? 16

17 ADVANCED MANUFACTURING KEY QUESTIONS What is the typical timeframe (in months) to construct or upgrade an advanced manufacturing facility for both new facilities and upgrades to existing facilities? Is there a typical indication of readiness for an advanced manufacturing project? If scarce resource is to be awarded what would you prioritize in your region/industry? Specific project attributes? 17

18 Other Financing Programs CAEATFA Bonds Loan Loss Reserve for Residential Energy Efficiency Improvements. PACE Bond Reserve Program for Local Governments (res/small commercial) CPCFA Tax-exempt bonds for qualifying waste, recycling, water and pollution control facilities Small Business Assistance Loan Loss Reserve Collateral Support Forgivable Loans for Brownfield Site Assessment

19 CAEATFA BONDS CAEATFA is the main state bond issuer for energy related bonds. Cogeneration Facility Bonds CAEATFA has outstanding bond issuances for cogeneration facilities dating from time periods when these facilities qualified for tax exempt bond financing. Clean Renewable Energy Conservation Bonds (CREBS) CAEATFA was one of the issuers to successfully issue a CREBS bond.

20 CAEATFA BONDS Cont d Qualified Energy Conservation Bonds (QECB) CAEATFA has successfully issued QECB bonds. Energy Efficiency Bonds If California issues bonds for energy efficiency retrofits similar to the EE bonds issued by the State of Delaware, CAEATFA would be the logical issuer. Additional Bonds the CAEATFA statute provides broad authority to issue alternative energy and mass transit bonds. CAEATFA has promoted the availability of tax exempt bonds for district heating and cooling projects.

21 Residential energy retrofits Loan Loss Reserve Program (AB 14, 2011) $25 million allocated to Clean Energy Upgrade Financing Program Funds used as loss reserves for lenders; 10% to 15% of loan portfolio value provided Reduced risk to lenders = more loans at lower interest rates Projects involve 3 or fewer units, 10% or greater energy savings

22 PACE for Residential/Small Commercial $25 Million Reserve Program CAEATFA is authorized to establish a Property Assessed Clean Energy ( PACE ) Bond Reserve Program ( SB 77 Program ) to provide credit enhancement support to local jurisdictions with existing residential and small commercial PACE programs to reduce the interest rate on issued bonds. The SB 77 Program allows a reserve of no more than ten percent of the initial principal amount of the PACE bond and is currently funded with up to $25 million. Program development was put on hold due to the legal issues raised at the federal level. CAEATFA continues to monitor any legislative advances in Congress as well as the outcome of the FHFA s rulemaking process.

23 CONTACT INFORMATION Saul Gomez Deana Carrillo Alejandro Ruiz Executive Director Program Manager Analyst Sarah Taheri Analyst California Alternative Energy and Advanced Transportation Financing Authority 915 Capitol Mall, Room 457 Sacramento, CA Phone: Web:

24 California Pollution Control Financing Authority

25 CPCFA Financing Programs Bond Financing Energy Efficiency Loan Participation Program Tax-exempt bonds for qualifying waste, recycling, water and pollution control facilities $50 million Loan Pool for Initial Financing for PACE and PACE-Like Structures Taxable bonds for waste, recycling, water and pollution control Intended to assist in proving the marketplace for PACElike structures California Capital Access Program (CalCAP) Small business loan assistance through loss reserves and collateral support Special Assistance for diesel equipment, trucks and recyclers; emphasis on energy and environmental improvements California Recycle Underutilized Sites (CALReUSE) Grants and loans to clean up contaminated lands Loans for site assessments

26 Tax-Exempt Pollution Control Bonds Types of projects which may qualify for tax-exempt bond financing: Privately owned water/wastewater treatment facilities Solid waste disposal or recycling facilities Waste conversion facilities such as anaerobic digesters Certain types of biomass conversion facilities

27 SSBCI Funds for Pace-like Financing CPCFA will be launching a new program to assist in creating an initial lending pool for financing commercial energy efficiency projects. CPCFA will put up $10 million in the expectation that a lender will put up $40 million or more to create a $50 million loan pool CPCFA will design this program to make it attractive to lenders and help prove the marketplace for this type of lending. SSBCI funds to be paid back at bond take-out

28 Capital Access Program LOSSES Lender makes a small business loan Money is pooled to be used for claims Deposit fees from Lender and Borrower 1%-3.5% each CalCAP approves enrollment and matches funds Send Enrollment to CalCAP (just 2 forms) 28

29 Collateral Support Program Cash Deposit Of Up To 50% Of loan amount Maximum loan of $20 million Maximum support of $5 million Lender has a potential $1,000,000 loan they feel is under collateralized Lender requests the maximum support of 40% from CalCAP Collateral Support The business is located in a Severely Affected Community Lender receives a total collateral support contribution of 50% Collateral Support Contribution $400,000 + an additional $100,000 = $500,000 29

30 Michael Paparian Acting Executive Director California Pollution Control Financing Authority (916)

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