Bill > A00077

This bill establishes a tax on carbon-based fuels, such as coal, natural gas, and petroleum products, to mitigate greenhouse gas emissions and address climate change. The carbon dioxide emissions tax 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 revenue from the tax will be deposited into a dedicated carbon dioxide emissions fund, with 60% of the funds returned to low- and moderate-income residents as tax credits and the remaining 40% used to support the transition to 100% clean energy, mass transit, and climate change adaptation measures. The bill also requires the Department of Environmental Conservation and the Department of Taxation and Finance to administer the tax and promulgate necessary regulations.