Bill > S01347

This bill establishes a comprehensive carbon dioxide emissions pricing mechanism for electric generation from carbon-based fuels in New York State, building upon the state's Climate Leadership and Community Protection Act (CLCPA). The bill creates a carbon dioxide emissions price that incorporates the social cost of carbon, which will be determined by the Department of Environmental Conservation and implemented through the federally designated electric bulk system operator. A new Carbon Dioxide Emissions Fund will be established to collect revenues from this pricing mechanism, with 60% of the funds distributed in two key ways: 40% will be returned to low and moderate-income residents as tax credits to offset potential increased energy costs, and 20% will support renewable energy transitions and climate change adaptation in disadvantaged communities. The remaining 40% of revenues will be used to support mass transit initiatives to reduce carbon emissions. The bill defines carbon-based fuels broadly, including coal, natural gas, petroleum products, and other fuel sources that emit greenhouse gases during combustion. Notably, the bill ensures that the carbon pricing mechanism would not apply if superseded by federal law, and it aims to encourage the incorporation of carbon pricing across New York's energy sector while providing economic protections for lower-income residents.

Agriculture and Natural Resources

https://www.nysenate.gov/legislation/bills/2025/S1347