Fossil fuels beware: NYS considering carbon tax bill

Assembly members Kevin Cahill and Barbara Lifton have introduced a carbon tax bill into the Assembly that would tax carbon emissions with the ultimate goal of reducing carbon dioxide emissions in New York State — starting a discussion at the state level on what a market-based solution to climate change should look like.

The bill would tax fuels used for electricity generation, heating, cooling, and transportation, as well as those used in industrial processes.

The bill would implement a carbon tax that would start at $40 per metric ton of carbon dioxide and increase in $10 increments annually up to $180 per metric ton, which would entirely eliminate carbon dioxide emissions in New York State.

The bill also proposes to refund 60 percent of its revenues to low and lower middle income classes, utilizing the other 40 percent of revenues for supporting the transition to clean energy in New York State, augmenting mass transit to reduce carbon emissions, and improving climate change adaptation.

Further, the bill calls for an initial $35 per ton levy on “carbon-based fuels,” including coal, natural gas, renewable biomass, petroleum products, and any other product that contains carbon and emits CO2, methane, N2O or other GHGs when combusted, according to Carbon Pulse.Read full story at Fierce Energy