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NC S674
Bill
AI Summary
- Imposes a carbon emissions tax on distributors of carbon-based fuel products (coal, petroleum products, natural gas, and electricity from these sources) sold, used, or entered into North Carolina
- Tax rate begins at $20.00 per metric ton of carbon dioxide equivalent in 2022, increasing by $5.00 annually plus inflation adjustment until reaching $50.00 per metric ton, then only inflation adjustments apply
- Taxes collected quarterly by distributors, with the Department of Revenue administering the tax and publishing annual carbon dioxide equivalent tables by October 1
- Revenue allocation: 10% of proceeds to General Fund for renewable energy investments and promotion within the State, with remainder used to reduce utility bills for rate payers
- Exempts carbon-based fuel products where emitted carbon dioxide is sequestered and not released into atmosphere, and any activities that would violate the U.S. Constitution or federal law
Legislative Description
Carbon Tax
Infrastructure
Last Action
Ref To Com On Rules and Operations of the Senate
4/8/2021
Committee Referrals
Rules and Operations of the Senate4/8/2021
Full Bill Text
No bill text available