Bill > S2222

This bill establishes a fee on companies selling fossil fuels in Rhode Island, with the collected funds directed to an "economic and climate resilience fund." This fund will be used for several purposes: providing direct dividends to all Rhode Island residents and businesses, investing in climate resilience and adaptation programs, promoting renewable energy and energy efficiency initiatives, and supporting low-income residents and small businesses. The bill specifies that this fee will only take effect if at least three states, including Rhode Island and Massachusetts, enact a similar carbon fee of at least five dollars per metric ton of carbon, and it is set to become effective on July 1, 2027. The bill defines key terms such as "fossil fuel," "climate resilience," and "carbon dioxide equivalent" (CO2e), which is a unit for measuring greenhouse gas emissions, and outlines how the fee will be calculated and collected, including exemptions for certain transportation fuels and public transportation. A significant portion of the fund is allocated to dividends, with specific percentages designated for residents based on income levels and for employers, with additional support for energy-intensive industries. The bill also establishes an oversight board to guide the fund's use and ensure accountability.

Agriculture and Natural Resources

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