In its unanimous decision in Elk Hills Power, LLC v. Board of Equalization, the California Supreme Court held that the California State Board of Equalization may not assess the value of intangible Emission Reduction Credits when valuing taxable power plant property. The decision makes clear that property taxation of virtually all intangible assets is prohibited under California law.

For more details, read our Legal Alert, “California Supreme Court Confirms That Intangible Assets Are (Still) Not Subject to Property Taxation.”