Some Democrats in Albany believe New Yorkers arenât paying enough in taxes.
They introduced the Climate and Community Investment Act into both the state Assembly and Senate. The legislation would impose a fee for greenhouse gas emissions upon fuel companies, and this fee would increase each year.
âThe idea hinges on a proposed $55 surcharge on every short ton of carbon dioxide emissions, or about every 100 gallons of gasoline burned across the state. That would add up to $15 billion per year,â according to a story published April 25 by the website for State and City New York. âThirty percent of future revenues from the Climate and Community Investment Act would go toward a fund that would offer grants to community groups to help them better withstand climate change. Another 30% would directly fund renewable energy projects, and 33% would fund energy rebates to low- and moderate-income New Yorkers, nonprofits and small businesses. The remaining 7% of revenues under the legislation would help workers and communities cope with the loss of fossil fuel-related jobs and revenues in what ⦠activists call a âjust transitionâ away from fossil fuels while reducing emissions.â