California § 47000 - This part shall be known, and may be cited, as the Lithium Extraction Tax Law. (b

§ 47000. This part shall be known, and may be cited, as the Lithium Extraction Tax Law. (b

(a) This part shall be known, and may be cited, as the Lithium Extraction Tax Law. (b) The purpose of this part is to promote a robust California-based lithium extraction industry that considers the needs of the local communities where the lithium extraction occurs, while recognizing the significant benefit of having a domestic supply of lithium for the state’s goals for reducing the emissions of greenhouse gases. By imposing a statewide tax on lithium extraction and preempting the taxing authority of counties, municipalities, and districts on the extraction and storage of lithium, lithium producers will have greater certainty about the potential costs of doing business and will be more likely to engage in lithium production activities. (c) It is the intent of the Legislature to comprehensively regulate the imposition and collection of taxes on the extraction and storage of lithium and to occupy the field to the exclusion of local action, except as specifically provided in this part. (d) The Legislature finds and declares that promoting the development of a robust lithium production industry in the state to reduce the impact of climate change is a matter of statewide concern and, therefore, is not a municipal affair as that term is used in Section 5 of Article XI of the California Constitution.