S2638 • 2025

Relates to proceeds from the auction or sale of carbon dioxide emission allowances

Energy

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Rachel May
Last action: 2026-05-06
Official status: In Senate Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Relates to proceeds from the auction or sale of carbon dioxide emission allowances

Relates to proceeds from the auction or sale of carbon dioxide emission allowances Prohibits proceeds from the auction or sale of carbon dioxide emission allowances pursuant to New York's participation in the regional greenhouse gas initiative (RGGI) from being transferred into the state general fund; provides that if such proceeds are transferred to the state general fund, they shall be used for the purposes directed by the RGGI.

What This Bill Does

Relates to proceeds from the auction or sale of carbon dioxide emission allowances Prohibits proceeds from the auction or sale of carbon dioxide emission allowances pursuant to New York's participation in the regional greenhouse gas initiative (RGGI) from being transferred into the state general fund; provides that if such proceeds are transferred to the state general fund, they shall be used for the purposes directed by the RGGI.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-05-06 Senate
REPORTED AND COMMITTED TO FINANCE
2026-01-07 Senate
REFERRED TO ENERGY AND TELECOMMUNICATIONS
2025-04-28 Senate
REPORTED AND COMMITTED TO FINANCE
2025-01-22 Senate
REFERRED TO ENERGY AND TELECOMMUNICATIONS

Official Summary Text

Relates to proceeds from the auction or sale of carbon dioxide emission allowances
Prohibits proceeds from the auction or sale of carbon dioxide emission allowances pursuant to New York's participation in the regional greenhouse gas initiative (RGGI) from being transferred into the state general fund; provides that if such proceeds are transferred to the state general fund, they shall be used for the purposes directed by the RGGI.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          2638

                               2025-2026 Regular Sessions

                                    I N  S E N A T E

                                    January 22, 2025
                                       ___________

        Introduced  by  Sens.  MAY,  HARCKHAM,  HINCHEY, HOYLMAN-SIGAL, KRUEGER,
          MYRIE, SEPULVEDA -- read twice and ordered printed, and  when  printed
          to be committed to the Committee on Energy and Telecommunications

        AN ACT to amend the public authorities law, in relation to proceeds from
          the auction or sale of carbon dioxide emission allowances

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. The public authorities law  is  amended  by  adding  a  new
     2  section 1874 to read as follows:
     3    §  1874. CARBON DIOXIDE EMISSION ALLOWANCES. NOTWITHSTANDING ANY OTHER
     4  LAW, RULE, OR REGULATION TO THE  CONTRARY,  PROCEEDS  COLLECTED  BY  THE
     5  AUTHORITY FROM THE AUCTION OR SALE OF CARBON DIOXIDE EMISSION ALLOWANCES
     6  ALLOCATED  BY  THE  DEPARTMENT OF ENVIRONMENTAL CONSERVATION PURSUANT TO
     7  THE REGIONAL GREENHOUSE GAS INITIATIVE (RGGI), IMPLEMENTED IN  NEW  YORK
     8  STATE  PURSUANT TO 21 NYCRR PART 507, SHALL BE DEPOSITED INTO THE ENERGY
     9  EFFICIENCY AND CLEAN ENERGY TECHNOLOGY ACCOUNT ESTABLISHED  PURSUANT  TO
    10  21  NYCRR  PART 507.4. SUCH PROCEEDS SHALL NOT BE MOVED, TRANSFERRED, OR
    11  OTHERWISE ALLOCATED TO THE STATE TREASURY TO THE  CREDIT  OF  THE  STATE
    12  GENERAL FUND; PROVIDED, HOWEVER, THAT IF SUCH PROCEEDS ARE MOVED, TRANS-
    13  FERRED,  OR  OTHERWISE  ALLOCATED TO THE STATE TREASURY TO THE CREDIT OF
    14  THE STATE GENERAL FUND: (A) SUCH PROCEEDS SHALL BE USED FOR THE PURPOSES
    15  DIRECTED UNDER 21 NYCRR PART 507.4; AND (B) THE STATE COMPTROLLER  SHALL
    16  SUBMIT A REPORT TO THE TEMPORARY PRESIDENT OF THE SENATE, THE SPEAKER OF
    17  THE  ASSEMBLY, AND THE GOVERNOR CONTAINING A DETAILED DESCRIPTION OF THE
    18  USE OF SUCH PROCEEDS.
    19    § 2. This act shall take effect March 31, 2027.


         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06839-01-5