New York S01528 establishes a tax on carbon-based fuels to mitigate greenhouse gas emissions.

New York S01528 amends the tax law to establish a tax on carbon-based fuels, aiming to mitigate greenhouse gas emissions. The tax, set at a minimum of $35 per ton of carbon dioxide equivalency, will increase annually to a maximum of $185 per ton. The tax applies to fuel distributors and utilities that sell carbon-based fuels or carbon-generated electricity within the state. The Department of Environmental Conservation will administer the tax and establish a Carbon Dioxide Emissions Fund.

New York S01528 establishes a tax on carbon-based fuels to mitigate greenhouse gas emissions.

New York S01528 amends the tax law to establish a tax on carbon-based fuels, aiming to mitigate greenhouse gas emissions. The tax, set at a minimum of $35 per ton of carbon dioxide equivalency, will increase annually to a maximum of $185 per ton. The tax applies to fuel distributors and utilities that sell carbon-based fuels or carbon-generated electricity within the state. The Department of Environmental Conservation will administer the tax and establish a Carbon Dioxide Emissions Fund.