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S 2638 NY

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

NY · session 2025-2026 · Senate · bill

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Introduced Jan 22, 2025

Latest action (May 6, 2026) REPORTED AND COMMITTED TO FINANCE

Summary

The bill prohibits proceeds from the sale or auction of carbon dioxide emission allowances under New York's participation in the Regional Greenhouse Gas Initiative (RGGI) from being transferred to the state general fund. Instead, these proceeds must be deposited into the energy efficiency and clean energy technology account as required by RGGI regulations. If such proceeds are transferred to the state general fund despite this prohibition, they must be used for purposes directed under RGGI regulations, and the state comptroller must report to the legislature and governor on how the proceeds were used. The bill takes effect March 31, 2027.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Official abstract

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.

Sponsor (1)
6 coauthors / cosponsors

Action history (4)
  1. Jan 22, 2025 REFERRED TO ENERGY AND TELECOMMUNICATIONS · upper
  2. Apr 28, 2025 REPORTED AND COMMITTED TO FINANCE · upper
  3. Jan 7, 2026 REFERRED TO ENERGY AND TELECOMMUNICATIONS · upper
  4. May 6, 2026 REPORTED AND COMMITTED TO FINANCE · upper

Text versions (2)

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

  • S2638 · HTML
  • S2638 · PDF

Full text

Full text imported from assembly.state.ny.us

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New York State Assembly Speaker Carl E. Heastie

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S02638 Summary: BILL NO S02638 &nbsp SAME AS No Same As &nbsp SPONSOR MAY &nbsp COSPNSR HARCKHAM, HINCHEY, HOYLMAN-SIGAL, KRUEGER, MYRIE, SEPULVEDA &nbsp MLTSPNSR &nbsp Add §1874, Pub Auth L &nbsp 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.

Go to top S02638 Text:

STATE OF NEW YORK ________________________________________________________________________

2638

2025-2026 Regular Sessions

IN SENATE

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

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