§ 99-QQ*2 — New York climate action fund

New York § 99-QQ*2

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

* § 99-qq. New York climate action fund. 1. There is hereby\nestablished in the joint custody of the commissioner of taxation and\nfinance and the state comptroller a special fund to be known as the "New\nYork climate action fund".\n 2. The comptroller shall establish the following separate and distinct\naccounts within the New York climate action fund:\n (a) consumer climate action account;\n (b) industrial small business climate action account; and\n (c) climate investment account.\n 3. (a) The New York climate action fund consumer climate action\naccount shall consist of moneys received by the state pursuant to\nparagraph (a) of subdivision twenty-five of section eighteen hundred\nfifty-four of the public authorities law, and all other moneys\nappropriated, credited, or transferred thereto from any other fund or\nsource pursuant to law. Moneys of the account shall be expended for the\npurposes of providing benefits to help reduce potential increased costs\nof various goods and services to consumers in the state.\n (b) The New York climate action fund industrial small business climate\naction account shall consist of moneys received by the state pursuant to\nparagraph (b) of subdivision twenty-five of section eighteen hundred\nfifty-four of the public authorities law, and all other moneys\nappropriated, credited, or transferred thereto from any other fund or\nsource pursuant to law. Moneys of the account shall be expended for the\npurposes of providing benefits to help reduce potential increased costs\nof various goods and services to industrial small businesses\nincorporated, formed or organized, and doing business in the state of\nNew York.\n (c) The New York climate action fund climate investment account shall\nconsist of moneys received by the state pursuant to paragraph (c) of\nsubdivision twenty-five of section eighteen hundred fifty-four of the\npublic authorities law, and all other moneys appropriated, credited, or\ntransferred thereto from any other fund or source pursuant to law.\nMoneys of the account shall be made available for the purposes of\nassisting the state in transitioning to a less carbon intensive economy,\nincluding but not limited to: (i) purposes which are consistent with the\ngeneral findings of the scoping plan prepared pursuant to section\n75-0103 of the environmental conservation law; (ii) administrative and\nimplementation costs, auction design and support costs, program design,\nevaluation, and other associated costs; and (iii) measures which\nprioritize disadvantaged communities by supporting actions consistent\nwith the requirements of paragraph d of subdivision three of section\n75-0109 and of section 75-0117 of the environmental conservation law,\nidentified through community decision-making and stakeholder input,\nincluding early action to reduce greenhouse gas emissions in\ndisadvantaged communities.\n 4. Moneys in the New York climate action fund shall be kept separate\nfrom and shall not be commingled with any other moneys in the custody of\nthe comptroller or the commissioner of taxation and finance. Provided,\nhowever, that any moneys of the fund not required for immediate use may,\nat the discretion of the comptroller, in consultation with the director\nof the division of budget, be invested by the comptroller in obligations\nof the United States or the state. The proceeds of any such investment\nshall be retained by the fund as assets to be used for purposes of the\nfund.\n * NB There are 2 § 99-qq's\n