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Senate Bill S2638

2025-2026 Legislative Session

Relates to proceeds from the auction or sale of carbon dioxide emission allowances

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Current Bill Status - In Senate Committee Finance Committee

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2025-S2638 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Public Authorities Law
Laws Affected:
Add §1874, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2021-2022: S6268
2023-2024: S2073

2025-S2638 (ACTIVE) - Summary

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.

2025-S2638 (ACTIVE) - Sponsor Memo

2025-S2638 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2638
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2025
                                ___________
 
 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:
 
   Section 1. The public authorities law  is  amended  by  adding  a  new
 section 1874 to read as follows:
   §  1874. CARBON DIOXIDE EMISSION ALLOWANCES. NOTWITHSTANDING ANY OTHER
 LAW, RULE, OR REGULATION TO THE  CONTRARY,  PROCEEDS  COLLECTED  BY  THE
 AUTHORITY FROM THE AUCTION OR SALE OF CARBON DIOXIDE EMISSION ALLOWANCES
 ALLOCATED  BY  THE  DEPARTMENT OF ENVIRONMENTAL CONSERVATION PURSUANT TO
 THE REGIONAL GREENHOUSE GAS INITIATIVE (RGGI), IMPLEMENTED IN  NEW  YORK
 STATE  PURSUANT TO 21 NYCRR PART 507, SHALL BE DEPOSITED INTO THE ENERGY
 EFFICIENCY AND CLEAN ENERGY TECHNOLOGY ACCOUNT ESTABLISHED  PURSUANT  TO
 21  NYCRR  PART 507.4. SUCH PROCEEDS SHALL NOT BE MOVED, TRANSFERRED, OR
 OTHERWISE ALLOCATED TO THE STATE TREASURY TO THE  CREDIT  OF  THE  STATE
 GENERAL FUND; PROVIDED, HOWEVER, THAT IF SUCH PROCEEDS ARE MOVED, TRANS-
 FERRED,  OR  OTHERWISE  ALLOCATED TO THE STATE TREASURY TO THE CREDIT OF
 THE STATE GENERAL FUND: (A) SUCH PROCEEDS SHALL BE USED FOR THE PURPOSES
 DIRECTED UNDER 21 NYCRR PART 507.4; AND (B) THE STATE COMPTROLLER  SHALL
 SUBMIT A REPORT TO THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF
 THE  ASSEMBLY, AND THE GOVERNOR CONTAINING A DETAILED DESCRIPTION OF THE
 USE OF SUCH PROCEEDS.
   § 2. This act shall take effect March 31, 2027.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06839-01-5

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