Bill > A07321

This bill establishes a tax on carbon-based fuels, such as coal, natural gas, and petroleum products, to mitigate greenhouse gas emissions and address anthropogenic climate change. The bill sets an initial carbon dioxide emissions tax of at least $35 per ton, which will increase by $15 per ton annually up to a maximum of $185 per ton. The revenue from this 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 100% clean energy, mass transit, and climate change adaptation measures. The bill also grants the Department of Environmental Conservation and the Department of Taxation and Finance the authority to develop rules and regulations necessary to implement and administer the carbon dioxide emissions tax.