NY S01347

Requires the Department of Environmental Conservation to establish a carbon dioxide emissions price based on the social cost of carbon for electricity generated from carbon-based fuels (coal, natural gas, petroleum, biomass)

Creates a Carbon Dioxide Emissions Fund administered by the Office of Climate Change to collect revenues from the carbon pricing mechanism implemented through the federally designated electric bulk system operator

Allocates 40% of fund revenues as progressive tax credits to very low, low, and moderate income residents (households earning below 115% of area median income) to offset carbon price costs

Directs 20% of revenues to support renewable energy transition and climate adaptation in disadvantaged communities, including infrastructure improvements, coastal protection, and extreme weather emergency response

Designates 40% of revenues to support mass transit systems for carbon emissions reduction