The California Legislature Approves Historic High-Speed Rail Funding Agreement
SACRAMENTO – In a dramatic ending on the last day of the session, the California Legislature today passed a monumental financial life-line to the High-Speed-Rail Project that ensures predictable funding to move forward with construction, create jobs and build California’s High-Speed Rail system.
The lawmakers approved the agreement between Governor Newsom, California Legislative Leaders, Senator Dave Cortese (D-Silicon Valley), chair of the Senate Transportation Committee, and other California lawmakers to allocate $1 billion annually from the state's cap-and-trade program to the High-Speed Rail Project through 2045. .
“This is an historic victory for California High-Speed Rail and a high-point for California’s climate agenda. For everyone who has fought to see this project succeed, this long-term funding will provide stability for the project and ensure consistent financing for decades to come,” said Senator Dave Cortese, chair of the Senate Transportation Committee.
“When I introduced SB 545 this year, my goal was to establish a permanent, long-term funding stream for High Speed Rail. As Senate Transportation Chair, I’m proud that the framework we advanced, bringing labor, business, and environmental leaders together, has helped lead to the approval of this landmark agreement. We now have a long-term commitment that will create jobs, cut pollution, and revitalize communities up and down the state.”