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Senate Bill S8461

2025-2026 Legislative Session

Relates to the use of funds in the New York state climate investment account

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Current Bill Status - In Senate Committee Rules Committee

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2025-S8461 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
State Finance Law
Laws Affected:
Amd §99-qq, St Fin L

2025-S8461 (ACTIVE) - Summary

Allows uncommitted funds in the New York state climate investment account to be returned to ratepayers.

2025-S8461 (ACTIVE) - Sponsor Memo

2025-S8461 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8461
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               July 18, 2025
                                ___________
 
 Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the state finance law, in relation to the use  of  funds
   in the New York state climate investment account
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (c) of subdivision 3  of  section  99-qq  of  the
 state finance law, as added by section 2 of part TT of chapter 56 of the
 laws of 2023, is amended to read as follows:
   (c)  The New York climate action fund climate investment account shall
 consist of moneys received by the state pursuant  to  paragraph  (c)  of
 subdivision  twenty-five  of  section eighteen hundred fifty-four of the
 public authorities law, and all other moneys appropriated, credited,  or
 transferred  thereto  from  any  other  fund  or source pursuant to law.
 Moneys of the account shall  be  made  available  for  the  purposes  of
 assisting the state in transitioning to a less carbon intensive economy,
 including but not limited to: (i) purposes which are consistent with the
 general  findings  of  the  scoping  plan  prepared  pursuant to section
 75-0103 of the environmental conservation law; (ii)  administrative  and
 implementation  costs, auction design and support costs, program design,
 evaluation, and other associated costs; and (iii) measures which  prior-
 itize  disadvantaged  communities  by supporting actions consistent with
 the requirements of paragraph d of subdivision three of section  75-0109
 and of section 75-0117 of the environmental conservation law, identified
 through community decision-making and stakeholder input, including early
 action  to reduce greenhouse gas emissions in disadvantaged communities;
 PROVIDED, HOWEVER, THAT ANY UNCOMMITTED FUNDS REMAINING IN  THE  ACCOUNT
 AT  THE  END  OF  EACH FISCAL YEAR THAT WERE COLLECTED BY UTILITIES ON A
 BILL-AS-YOU-GO BASIS PURSUANT TO THE CLEAN ENERGY FUND FRAMEWORK ORDERED
 BY THE PUBLIC SERVICE COMMISSION MAY BE CREDITED TO RATEPAYER ACCOUNTS.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13285-03-5

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