California Air Resources Board

Summary

Provides various methods by which an employer subject to the parking cash-out (PCO) law can calculate the cost of a parking space, aside from what is identified in a lease. The bill requires CARB, beginning January 1, 2024, to annually adjust specified amounts in the “Market Rate Cost of Parking” definition for inflation. The bill requires an employer to maintain appropriate evidence of its effort, or the parking offer it relied upon, as specified, to establish the market rate cost of parking for at least four years. If an employee receives a parking subsidy, the bill requires an employer to maintain the record of communication with the employee that the employee has been informed of the right to receive the cash equivalent of the parking subsidy.

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