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A07611 Summary:

BILL NOA07611A
 
SAME ASSAME AS S06268-A
 
SPONSORKelles
 
COSPNSREnglebright, Thiele, Septimo, Burdick, Epstein, Otis, Griffin, Glick, Colton, Gottfried, Rosenthal L
 
MLTSPNSRSteck
 
Add §1874, Pub Auth L
 
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.
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A07611 Actions:

BILL NOA07611A
 
05/19/2021referred to environmental conservation
05/24/2021reported referred to ways and means
06/03/2021amend and recommit to ways and means
06/03/2021print number 7611a
06/10/2021reported referred to rules
06/10/2021reported
06/10/2021rules report cal.774
06/10/2021ordered to third reading rules cal.774
06/10/2021passed assembly
06/10/2021delivered to senate
06/10/2021REFERRED TO RULES
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A07611 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A7611A
 
SPONSOR: Kelles
  TITLE OF BILL: An act to amend the public authorities law, in relation to proceeds from the auction or sale of carbon dioxide emission allowances   PURPOSE: The purpose of this bill is to ensure that climate and clean energy funds raised by the state are not diverted or transferred for uses that are inconsistent with their intended purpose.   SUMMARY OF PROVISIONS: The public authorities law is amended to add a new section 1874 provid- ing that funds received by the Regional Greenhouse Gas Initiative (RGGI) shall be deposited in the energy efficiency and clean energy technology account; further, the proceeds shall not be moved, transferred or other- wise allocated to the credit of the general fund. The proceeds from the auction or sale of carbon dioxide emission allow- ances shall be used strictly for purposes set forth in 21 NYCRR Part 507.4 and if ever redirected to the general fund their use shall be detailed in a report by the State Comptroller.   JUSTIFICATION: Since 2015 over $200 million in RGGI proceeds have been transferred away from the clean energy technology account and into the general fund during the state budget process and used for other programs that are inconsistent with their intended use. The Department of Environmental Conservation regulates the RGGI program; NYSERDA administers the fund where CO2 emission allowance proceeds are deposited. NYSERDA is charged with using those funds to maximize reductions in greenhouse gases and co-pollutants in disadvantaged communities. Furthermore, the targets set by the state's new climate law, the CLCPA, make it even more critical that clean energy funds be used for their intended purpose. The very goals set forth in our state's nation-leading climate law are being undermined by the pattern of redirecting or 'sweeping' of RGGI proceeds into the general fund, necessitating this legislation to codify their intended use - supporting disadvantaged communities in the transition away from fossil fuels.   FISCAL IMPLICATIONS: Neutral to the state. The legislation only affirms that deposit of annu- al proceeds from the auction or sale of CO2 emission credits be made into the appropriate account and used for their intended purpose.   EFFECTIVE DATE: March 31, 2022.
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A07611 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7611--A
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 19, 2021
                                       ___________
 
        Introduced  by  M.  of A. KELLES, ENGLEBRIGHT, THIELE, SEPTIMO, BURDICK,
          EPSTEIN, OTIS, GRIFFIN, GLICK -- Multi-Sponsored by -- M. of A.  STECK
          --  read once and referred to the Committee on Environmental Conserva-
          tion -- reported and referred to the Committee on Ways  and  Means  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
 
        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, 2022.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10938-02-1
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