BILL NUMBER: S8461
SPONSOR: O'MARA
 
TITLE OF BILL:
An act to amend the state finance law, in relation to the use of funds
in the New York state climate investment account
 
PURPOSE OR GENERAL IDEA OF BILL:
requires the transfer of certain uncommitted funds to ratepayers.
 
SUMMARY OF PROVISIONS:
Section 1 amends the state finance law to require the transfer of funds
held by NYSERDA and the PSC to ratepayers via a credit. Click hene to
enter text.
 
JUSTIFICATION:
This bill ensures that any uncommitted funds remaining in the Climate
Investment Account at the close of each fiscal year-specifically those
collected from utility ratepayers on a bill-as-yougo basis under the
Public Service Commission's Clean Energy Fund framework-are returned to
those who paid into the system. The Clean Energy Fund was designed to
support the state's clean energy transition through targeted investments
in innovation, market development, and energy efficiency. However,
often, funds collected for this purpose remain unused or uncommitted at
the end of a fiscal cycle, thus allowing them to sit idle or be redi-
rected withour oversight which undermines the principles of transparen-
cy, fiscal responsibility, and ratepayer fairness. By crediting uncom-
mitted, funds back to ratepayers, this measure reinforces public trust,
prevents over-collection, and creates a built in accountability mech-
anism. It aligns with the broader goals of equitable energy policy by
ensuring that New Yorkers are not unduly burdened by clean energy
surcharges and that funds collected in their name are actively invested
in state policy priorities or returned.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8461: 99-qq state finance law, 99-qq(3) state finance law