Law360, New York (April 7, 2017, 10:15 PM EDT) -- A California appeals court ruling upholding the state's greenhouse gas cap-and-trade program put the initiative on firmer ground, but a possible appeal to the state Supreme Court and potential actions by the Legislature and regulatory agencies still obscure its future.
The program, which took effect in early 2012, has been held back by legal uncertainty and an emissions allowance auction market filled with more supply than demand and wary participants. But on Thursday, a Third Appellate District panel in a 2-1 opinion answered the biggest legal question that could have sunk the scheme, finding auction revenues are not taxes under the...
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