Bill > A00039

This bill establishes a tax on carbon-based fuels in the state of New York to mitigate greenhouse gas emissions and address climate change. The bill defines key terms like "carbon-based fuel," "carbon dioxide equivalent," and "fuel distributor." It requires the Department of Environmental Conservation to administer the carbon dioxide emissions tax, which will start at $35 per ton of carbon dioxide equivalency and increase by $15 per ton annually up to a maximum of $185 per ton. The bill also establishes a Carbon Dioxide Emissions Fund, with 60% of the proceeds used to provide tax credits to low- and moderate-income residents to offset the regressive nature of the tax, and the remaining 40% used to support the transition to 100% clean energy, mass transit, and climate change adaptation efforts in the state.