NY A11094

Amends environmental conservation law to require the Department of Environmental Conservation to establish a social cost of carbon that shall be taken into account in carbon pricing mechanism programs in New York State.

Creates a new tax article 12-B establishing a carbon dioxide emissions price for electricity generated from carbon-based fuels (coal, natural gas, petroleum products, biomass, and other greenhouse gas-emitting fuels).

Directs the Department of Environmental Conservation to determine and establish the carbon dioxide emissions price and transmit it to the federally designated electric bulk system operator for use in wholesale electricity market carbon pricing mechanisms.

Establishes a carbon dioxide emissions fund administered by the Department of Environmental Conservation's Office of Climate Change to distribute revenues: 40% as tax credits to very low to moderate income residents, 20% to renewable energy transition and climate adaptation in disadvantaged communities, and 40% to mass transit programs.

Exempts generators of carbon-based electricity from paying the carbon dioxide emissions price if federal law or regulation supersedes the requirement.