Bill > S03608

This bill establishes a tax on carbon-based fuels in New York to mitigate greenhouse gas emissions that contribute to climate change. The bill defines key terms like "carbon-based fuel" and "carbon dioxide emissions tax," and outlines the administration and implementation of the tax. It requires the Department of Environmental Conservation to establish a carbon dioxide emissions tax starting at $35 per ton and increasing annually to a maximum of $185 per ton. The tax revenue will be deposited into a Carbon Dioxide Emissions Fund, with 60% returned to low- and moderate-income residents as tax credits and the remaining 40% used to support the transition to clean energy, mass transit, and climate change adaptation efforts.