NY S00732

Establishes a carbon dioxide emissions price set by the Department of Environmental Conservation based on the social cost of carbon, to be applied to electricity generated from carbon-based fuels and transmitted to the federal bulk system operator for wholesale market implementation.

Creates a Carbon Dioxide Emissions Fund administered by the Department of Environmental Conservation's Office of Climate Change to receive and distribute revenues from the carbon pricing mechanism.

Allocates 60% of fund revenues as follows: 40% returned to very low to moderate income residents as tax credits to offset carbon pricing costs, and 20% directed to renewable energy transition and climate adaptation projects in disadvantaged communities.

Dedicates the remaining 40% of fund revenues to support mass transit expansion to reduce carbon emissions.

Clarifies that charges paid under the Regional Greenhouse Gas Initiative shall be deducted from the carbon dioxide emissions price, and the price requirement does not apply if superseded by federal law or regulation.