This bill proposes the appropriation and transfer of funds from the newly established Community Benefit Fund, contingent upon its enactment during the first session of the fifty-seventh legislature. A total of $40 million is allocated to the Economic Development Department to promote economic diversification away from fossil fuels, with additional transfers of $20 million to the Community Energy Efficiency Development Block Grant Fund, $100 million to the Grid Modernization Grant Fund, and $50 million to the Transportation Project Fund for projects aimed at reducing combustion engine vehicle use. Furthermore, $5 million is appropriated to the State Supplemental Land and Water Conservation Fund, $40 million to the Energy, Minerals and Natural Resources Department for energy efficiency and renewable technology grants, and $25 million to the Workforce Solutions Department for training in non-extractive industries.

Additionally, $60 million is allocated to the Public School Facilities Authority for electric vehicle charging infrastructure and the transition from diesel to electric school buses. The bill stipulates that any unexpended or unencumbered balances at the end of fiscal year 2028 will revert back to the Community Benefit Fund. The effective date of the bill is contingent upon the establishment of the Community Benefit Fund and the provision of adequate funding to support these appropriations and transfers.