New York A 1224: Relates to establishing a carbon dioxide emissions price for electric generation from carbon-based fuel and creating a carbon dioxide emissions fund

Bill Text

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A01224 Summary:

BILL NOA01224 

&nbsp

SAME ASSAME AS S01347

&nbsp

SPONSORPaulin

&nbsp

COSPNSRBurdick, Simon, Colton, Steck

&nbsp

MLTSPNSR

&nbsp

Amd §75-0113, En Con L; add Art 12-B §§289-g - 289-j, Tax L

&nbsp

Establishes a carbon dioxide emissions price for electric generation from carbon-based fuel; creates a carbon dioxide emissions fund.

Go to top A01224 Actions:

BILL NOA01224 

&nbsp

01/09/2025referred to environmental conservation

01/07/2026referred to environmental conservation

Go to topA01224 Committee&nbspVotes:

Go to topA01224 Floor&nbspVotes:

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

Go to topA01224 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1224

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. PAULIN, BURDICK, SIMON, COLTON, STECK -- read
 once and referred to the Committee on Environmental Conservation

 AN ACT to amend the environmental conservation law and the tax law, in
 relation to establishing a carbon dioxide emissions price for electric
 generation from carbon-based fuel and creating a carbon dioxide emis-
 sions fund

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

 1 Section 1. Legislative findings and declaration. The legislature here-
 2 by finds and declares that:
 3 1. As part of the 2020 state budget, the legislature passed the accel-
 4 erated renewable energy growth and community benefit act to advance
 5 renewable energy siting and establish tools for achieving the nation-
 6 leading climate change goals of the climate leadership and community
 7 protection act (CLCPA).
 8 2. a. The CLCPA passed by the legislature and signed by Governor Cuomo
 9 in 2019 codified into law the following requirements:
 10 i. 70% of electricity delivered in New York state must be derived from
 11 renewable resources by 2030;
 12 ii. 100% of the electricity consumed in New York state must be derived
 13 from zero-emissions resources by 2040;
 14 iii. 9,000 megawatts (MW) of offshore wind installed by 2035;
 15 iv. 6,000 MW of distributed solar energy resources installed by 2025;
 16 v. 3,000 MW of energy storage installed by 2030; and
 17 vi. Reducing building end-use energy consumption by 185 trillion Brit-
 18 ish thermal units by 2025.
 19 b. The CLCPA created a 22-member climate action council to establish
 20 an implementation plan for how the state will achieve these goals.
 21 3. The CLCPA amended the environmental conservation law by adding a
 22 new section 75-0113 to establish a social cost of carbon for use by
 23 state agencies.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01358-01-5

 A. 1224 2

 1 4. Entities other than state agencies have been considering how to
 2 account for the value of carbon dioxide emissions in their business
 3 plans and operations in light of the CLCPA and the accelerated renewable
 4 energy growth and community benefit act. For example, the federally-de-
 5 signated electric bulk system operator in New York state has developed a
 6 proposal to introduce a carbon pricing mechanism into the competitive
 7 wholesale electricity markets. Encouraging the incorporation of the
 8 social cost of carbon established under the CLCPA into a carbon price by
 9 entities beyond state agencies would facilitate programs to incorporate
 10 the social cost of carbon in energy and other sectors of New York's
 11 economy that emit greenhouse gases.
 12 § 2. Subdivision 1 of section 75-0113 of the environmental conserva-
 13 tion law, as added by chapter 106 of the laws of 2019, is amended to
 14 read as follows:
 15 1. No later than one year after the effective date of this article,
 16 the department, in consultation with the New York state energy research
 17 and development authority, shall establish a social cost of carbon for
 18 use by state agencies, and shall be taken into account in carbon pricing
 19 mechanism programs in New York state, expressed in terms of dollars per
 20 ton of carbon dioxide equivalent.
 21 § 3. The tax law is amended by adding a new article 12-B to read as
 22 follows:
 23 ARTICLE 12-B
 24 CARBON DIOXIDE EMISSIONS PRICE FOR EL