New York S 9422: Relates to the use of funds in the New York state climate investment account; repealer

Bill Text

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S09422 Summary:

BILL NOS09422 

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SAME ASSAME AS A10695

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SPONSORGRIFFO

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COSPNSR

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MLTSPNSR

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Amd §99-qq, add §89-l, St Fin L; add §§47-a, 47-b & 187-s, amd §606, Tax L; amd §§66, 18-a & 5, add §67-b,
rpld §18-a subs 1-a - 5, Pub Serv L

&nbsp

Allows surplus or uncommitted funds in the New York state climate investment account to be returned to ratepayers; establishes a one-year utility bill tax and surcharge holiday and a two-year green energy tax holiday; relates to audits of utility corporations; authorizes the public service commission to reconsider rate increases; grants customers the right to decline smart meters and prohibits such customers from being penalized or charged exercising such right; directs the public service commission to conduct a study analyzing the economic impact of the use of smart meters; relates to costs and expenses of the department of public service and the public service commission; directs the public service commission to develop a formula to determine the average cost to comply with the provisions set forth in article seventy-five of the environmental conservation law; provides for a ratepayer protection tax credit; repeals certain provisions of law relating to the assessment of costs and expenses of the department of public service and the public service commission.

Go to top S09422 Actions:

BILL NOS09422 

&nbsp

03/11/2026REFERRED TO FINANCE

Go to topS09422 Committee&nbspVotes:

Go to topS09422 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS09422 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9422

 IN SENATE

 March 11, 2026
 ___________

 Introduced by Sen. GRIFFO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Finance

 AN ACT to amend the state finance law, in relation to the use of funds
 in the New York state climate investment account; to amend the tax law
 and the state finance law, in relation to establishing a one-year
 utility bill tax and surcharge holiday; to amend the tax law, in
 relation to establishing a two-year green energy tax holiday; to amend
 the public service law, in relation to legislative hearings and audits
 of utilities and reconsideration of rate increases; directing the
 public service commission to conduct a study analyzing the economic
 impact of the use of smart meters; to amend the public service law, in
 relation to costs and expenses of the department of public service and
 the public service commission; to amend the tax law, in relation to
 providing for a ratepayer protection tax credit; to repeal certain
 provisions of the public service law relating to the assessment of
 costs and expenses of the department of public service and the public
 service commission; and providing for the repeal of certain provisions
 upon expiration thereof

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

 1 Section 1. Paragraph (c) of subdivision 3 of section 99-qq of the
 2 state finance law, as added by section 2 of part TT of chapter 56 of the
 3 laws of 2023, is amended to read as follows:
 4 (c) The New York climate action fund climate investment account shall
 5 consist of moneys received by the state pursuant to paragraph (c) of
 6 subdivision twenty-five of section eighteen hundred fifty-four of the
 7 public authorities law, and all other moneys appropriated, credited, or
 8 transferred thereto from any other fund or source pursuant to law.
 9 Moneys of the account shall be made available for the purposes of
 10 assisting the state in transitioning to a less carbon intensive economy,
 11 including but not limited to: (i) purposes which are consistent with the
 12 general findings of the scoping plan prepared pursuant to section
 13 75-0103 of the environmental conservation law; (ii) administrative and
 14 implementation costs, auction design and support costs, program design,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15092-02-6

 S. 9422 2

 1 evaluation, and other associated costs; and (iii) measures which prior-
 2 itize disadvantaged communities by supporting acti