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NY S07905
Bill
Status
1/3/2024
Primary Sponsor
Kevin Parker
Click for details
AI Summary
Climate and Community Investment Act (S.7905) - Summary
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Imposes a climate pollution fee starting at $25/ton of CO2 equivalent on carbon-based fuels and fugitive methane emissions, with increases tied to environmental performance metrics through 2053.
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Establishes three dedicated funds from fee revenues: community just transition fund (33%), climate jobs and infrastructure fund (30%), and household/small business energy rebate fund (30%), with 7% for worker and community assurance.
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Creates a community just transition program directing at least 75% of funds to projects in disadvantaged communities, including renewable energy, energy efficiency, and community ownership initiatives.
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Mandates prevailing wages, project labor agreements, and responsible contractor requirements for all climate-related construction projects funded by the act.
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Establishes worker and community assurance programs providing income support, retraining, and economic development assistance to workers in energy industries impacted by the transition away from fossil fuels.
Legislative Description
Enacts the climate and community investment act; prioritizes the allocation of public investments in disadvantaged communities; addresses climate change challenges through the expansion and growth of clean and renewable energy sources; adopts best value requirements for the solicitation, evaluation and award of renewable energy projects; establishes a community just transition program; establishes a climate pollution fee and a household and small business energy rebate; creates the climate and community investment authority.
Last Action
REFERRED TO ENVIRONMENTAL CONSERVATION
1/3/2024