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ALBANY, N.Y., May 3, 2021 /PRNewswire/ The newly proposed Climate and Community Investment Act (S4264-A/A6967) would provide hundreds of dollars in direct and immediate energy rebates for low- and moderate-income New Yorkers, advocates say. The bill, which would generate $10-$15 billion in yearly revenue, requires that one-third of the funds be returned directly to low-and moderate-income New Yorkers in the form of tax rebates, LIHEAP credits, or transit vouchers.
Economic modeling shows that middle and low-income New Yorkers outside of NYC would receive a yearly rebate of $1,156. NYC residents who typically spend less on gasoline and home energy would receive rebates of $722 per year. The household income cutoff would be 60% of median income, currently calculated at $74,800 in New York City and $77,7000 outside of the city.