Bill Text: NY S02073 | 2023-2024 | General Assembly | Introduced

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Bill Title: Prohibits proceeds from the auction or sale of carbon dioxide emission allowances pursuant to New York's participation in the regional greenhouse gas initiative (RGGI) from being transferred into the state general fund; provides that if such proceeds are transferred to the state general fund, they shall be used for the purposes directed by the RGGI.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced) 2024-01-03 - REFERRED TO ENERGY AND TELECOMMUNICATIONS [S02073 Detail]

Download: New_York-2023-S02073-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2073

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 18, 2023
                                       ___________

        Introduced  by  Sens.  MAY,  HARCKHAM,  HINCHEY, HOYLMAN-SIGAL, KRUEGER,
          MYRIE, SEPULVEDA -- read twice and ordered printed, and  when  printed
          to be committed to the Committee on Energy and Telecommunications

        AN ACT to amend the public authorities law, in relation to proceeds from
          the auction or sale of carbon dioxide emission allowances

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The public authorities law  is  amended  by  adding  a  new
     2  section 1874 to read as follows:
     3    §  1874. Carbon dioxide emission allowances. Notwithstanding any other
     4  law, rule, or regulation to the  contrary,  proceeds  collected  by  the
     5  authority from the auction or sale of carbon dioxide emission allowances
     6  allocated  by  the  department of environmental conservation pursuant to
     7  the regional greenhouse gas initiative (RGGI), implemented in  New  York
     8  state  pursuant to 21 NYCRR part 507, shall be deposited into the energy
     9  efficiency and clean energy technology account established  pursuant  to
    10  21  NYCRR  part 507.4. Such proceeds shall not be moved, transferred, or
    11  otherwise allocated to the state treasury to the  credit  of  the  state
    12  general fund; provided, however, that if such proceeds are moved, trans-
    13  ferred,  or  otherwise  allocated to the state treasury to the credit of
    14  the state general fund: (a) such proceeds shall be used for the purposes
    15  directed under 21 NYCRR part 507.4; and (b) the state comptroller  shall
    16  submit a report to the temporary president of the senate, the speaker of
    17  the  assembly, and the governor containing a detailed description of the
    18  use of such proceeds.
    19    § 2. This act shall take effect on March 31, 2025.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00490-01-3