The California Air Resources Board (CARB or Board) has posted the Standardized Regulatory Impact Assessment (SRIA) for the Low Carbon Fuel Standard (LCFS) Regulation. The SRIA is an initial economic evaluation of potential changes to the LCFS and the submittal of the SRIA is one of many steps CARB must take prior to updating the LCFS Regulation. CARB anticipates releasing draft regulatory language for the LCFS for a formal 45-day public comment this fall. The LCFS SRIA was submitted to the Department of Finance on September 08, 2023.
Senate Bill 617 (Chapter 496, Statutes of 2011) established additional regulatory impact assessment standards for major regulations. A state agency must conduct a SRIA when it estimates that a proposed regulation has an economic impact exceeding $50 million. The Department of Finance has adopted regulations for state agencies to follow when conducting a SRIA for major regulations. The Department of Finance is required to review the completed SRIA submitted by agencies and provide comment(s) to the agency on the extent to which the assessment adheres to the regulations adopted by the Department of Finance.