Will Gov. Hochul Sign New York’s Shady $75 Billion Superfund Tax Simply for Political Cover?

New Yorkers may be in for a new energy tax if Governor Kathy Hochul enacts climate Superfund legislation that attempts to stick energy companies with billions in new fees for alleged climate adaptation costs. The Superfund bill in New York comes as Vermont recently enacted a similar law, while states like Maryland and California discarded their own Superfund bills amid concerns from state Democrats that the measures would simply amount to a “regressive” tax.

New York’s Climate Change Superfund Act, which would implement $75 billion in new fees on fossil fuel companies, unexpectedly passed in the dead of night this month despite facing dim prospects earlier in the year. Assembly leadership pulled it “off the shelf,” reportedly to plug a potential budget shortfall and appease climate activists following Hochul’s decision to delay a controversial congestion pricing measure.

Hochul’s office is reportedly “reviewing” the legislation, which could have a massive impact on consumers’ wallets. The bill seeks to collect $3 billion per year from large energy companies over the next 25 years, and would likely push already high New York energy costs even higher.

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