SB 1504

Abstract

Provides that certain fungible authorizations or credits issued by state government agency pursuant to state program for regulating greenhouse gas emissions do not constitute property or property rights.] Provides that receipt] value of certain fungible authorizations, received at no cost, from state government agency pursuant to state program for regulating greenhouse gas emissions is exempt from personal income taxation and corporate excise and income taxation. Provides that gains and losses from first sale or other transfer of fungible authorization to emit carbon dioxide equivalent, or of fungible credit representing emissions reductions or removal of carbon dioxide equivalent, issued by state government agency, are not subject to capital gains taxation. Provides that fungible authorizations to emit carbon dioxide equivalent, or of fungible credits representing emissions reductions or removal of carbon dioxide equivalent, issued by state government agency, are exempt from ad valorem property taxation. Requires Department of Transportation, in consultation with Department of Environmental Quality and other appropriate state agencies, to study modifying classification of diesel fuel. Requires Department of Transportation to report results of study to Joint Committee on Transportation during 2021 regular session of Legislative Assembly. Requires report to include implementation plan for reclassifying diesel fuel.