Bill > S03336

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 bill defines key terms like "carbon dioxide equivalent" and "carbon-generated electricity," and outlines the administration of the emissions charges by the Department of Environmental Conservation. The bill sets a minimum tax rate of $35 per ton of carbon dioxide equivalency, which will increase by $15 per ton annually up to a maximum of $185 per ton. The revenue from the tax will be deposited into a Carbon Dioxide Emissions Fund, with 60% of the proceeds 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 measures.