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.
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
