Senate BillIntroduced
S 2638: 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.
What S 2638 does, verified May 8, 2026
The bill aims to amend the Public Authorities Law to regulate proceeds from the auction or sale of carbon dioxide emission allowances in New York State. Proceeds from these auctions will be deposited into the Energy Efficiency and Clean Energy Technology Account, established to support clean energy initiatives. These funds cannot be moved or allocated to the state general fund, but can be used for the purposes directed under the existing regulations. A report will be submitted to the state authorities detailing the use of these proceeds. The bill takes effect on March 31, 2027.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: REPORTED AND COMMITTED TO FINANCE (2026-05-06)Alert me
Author and sponsors
Full contact details, staff, and committees with Connect, $16/moUnlockRecent actions4 total · showing 4
| May. 06, 2026 | REPORTED AND COMMITTED TO FINANCE |
| Jan. 07, 2026 | REFERRED TO ENERGY AND TELECOMMUNICATIONS |
| Apr. 28, 2025 | REPORTED AND COMMITTED TO FINANCE |
| Jan. 22, 2025 | REFERRED TO ENERGY AND TELECOMMUNICATIONS |
Latest bill textIntroduced version, January 22, 2025 · 328 words
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
Text of S 2638 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions