Maryland 2024 Regular Session

Maryland House Bill HB516 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	hb0516
6	6
7	7	HOUSE BILL 516
8	8	M3, M5 4lr2785
9	9	HB 171/22 – ECM & ENT CF 4lr1057
10	10	By: Delegates Fennell, Charkoudian, Harris, Martinez, Patterson, and Turner
11	11	Introduced and read first time: January 24, 2024
12	12	Assigned to: Economic Matters and Environment and Transportation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Climate Crisis and Environmental Justice Act of 2024 2
19	19
20	20	FOR the purpose of establishing the Climate Crisis Initiative in the Department of the 3
21	21	Environment to provide for the assessment of greenhouse gas pollution fees, the 4
22	22	provision of certain benefits to households and employers, and the funding of certain 5
23	23	climate–related activities; providing for the collection and use of certain greenhouse 6
24	24	gas pollution fees; establishing the Household and Employer Benefit Fund and the 7
25	25	Climate Crisis Infrastructure Fund as special, nonlapsing funds; requiring interest 8
26	26	earnings of the funds to be credited to the funds; requiring the Secretary of the 9
27	27	Environment, in consultation with certain units of State government, to identify 10
28	28	certain measures and programs related to the provision of low–income energy 11
29	29	assistance and improvements in the energy efficiency of certain renter–occupied 12
30	30	dwellings; and generally relating to the establishment of the Climate Crisis 13
31	31	Initiative and the collection and use of greenhouse gas pollution fees. 14
32	32
33	33	BY adding to 15
34	34	Article – Environment 16
35	35	New part designation “Part I. Statewide Inventory and Emissions Reduction Plan” 17
36	36	to immediately precede Section 2–1201; and Section 2–1215 through 2–1224 18
37	37	to be under the new part “Part II. Climate Crisis Initiative” 19
38	38	Annotated Code of Maryland 20
39	39	(2013 Replacement Volume and 2023 Supplement) 21
40	40
41	41	BY repealing and reenacting, without amendments, 22
42	42	Article – Environment 23
43	43	Section 2–1201 24
44	44	Annotated Code of Maryland 25
45	45	(2013 Replacement Volume and 2023 Supplement) 26
46	46
47	47	BY repealing and reenacting, without amendments, 27
48	48	Article – State Finance and Procurement 28 2 HOUSE BILL 516
49	49
50	50
51	51	Section 6–226(a)(2)(i) 1
52	52	Annotated Code of Maryland 2
53	53	(2021 Replacement Volume and 2023 Supplement) 3
54	54
55	55	BY repealing and reenacting, with amendments, 4
56	56	Article – State Finance and Procurement 5
57	57	Section 6–226(a)(2)(ii)189. and 190. 6
58	58	Annotated Code of Maryland 7
59	59	(2021 Replacement Volume and 2023 Supplement) 8
60	60
61	61	BY adding to 9
62	62	Article – State Finance and Procurement 10
63	63	Section 6–226(a)(2)(ii)191. and 192. 11
64	64	Annotated Code of Maryland 12
65	65	(2021 Replacement Volume and 2023 Supplement) 13
66	66
67	67	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 14
68	68	That the Laws of Maryland read as follows: 15
69	69
70	70	Article – Environment 16
71	71
72	72	PART I. STATEWIDE INVENTORY AND EMISSIONS REDUCTION PLAN. 17
73	73
74	74	2–1201. 18
75	75
76	76	The General Assembly finds that: 19
77	77
78	78	(1) Greenhouse gases are air pollutants that threaten to endanger the 20
79	79	public health and welfare of the people of Maryland; 21
80	80
81	81	(2) Global warming poses a serious threat to the State’s future health, 22
82	82	well–being, and prosperity; 23
83	83
84	84	(3) With 3,100 miles of tidally influenced shoreline, Maryland is vulnerable 24
85	85	to the threat posed by global warming and susceptible to rising sea levels and flooding, 25
86	86	which would have detrimental and costly effects; 26
87	87
88	88	(4) The State has the ingenuity to reduce the threat of global warming and 27
89	89	make greenhouse gas reductions a part of the State’s future by achieving a 25% reduction 28
90	90	in greenhouse gas emissions from 2006 levels by 2020 and by preparing a plan to meet a 29
91	91	longer–term goal of achieving net–zero statewide greenhouse gas emissions by 2045 in a 30
92	92	manner that promotes new “green” jobs, and protects existing jobs and the State’s economic 31
93	93	well–being; 32
94	94
95	95	(5) Studies have shown that energy efficiency programs and technological 33
96	96	initiatives consistent with the goal of reducing greenhouse gas emissions can result in a net 34
97	97	economic benefit to the State; 35 HOUSE BILL 516 3
98	98
99	99
100	100
101	101	(6) In addition to achieving the reduction established under this subtitle, 1
102	102	it is in the best interest of the State to act early and aggressively to achieve the Maryland 2
103	103	Commission on Climate Change’s recommended go als of reducing greenhouse gas 3
104	104	emissions by 10% from 2006 levels by 2012 and by 15% from 2006 levels by 2015; 4
105	105
106	106	(7) While reductions of harmful greenhouse gas emissions are one part of 5
107	107	the solution, the State should focus on developing and utilizing clean energies that provide 6
108	108	greater energy efficiency and conservation, such as renewable energy from wind, solar, 7
109	109	geothermal, and bioenergy sources; 8
110	110
111	111	(8) It is necessary to protect the public health, economic well–being, and 9
112	112	natural treasures of the State by reducing harmful air pollutants such as greenhouse gas 10
113	113	emissions by using practical solutions that are already at the State’s disposal; 11
114	114
115	115	(9) Cap and trade regulation of greenhouse gas emissions is most effective 12
116	116	when implemented on a federal level; 13
117	117
118	118	(10) Because of the need to remain competitive with manufacturers located 14
119	119	in other states or countries and to preserve existing manufacturing jobs in the State, 15
120	120	greenhouse gas emissions from the manufacturing sector are most effectively regulated on 16
121	121	a national and international level; and 17
122	122
123	123	(11) Because of the need to remain competitive with other states, 18
124	124	greenhouse gas emissions from certain other commercial and service sectors, including 19
125	125	freight carriers and generators of electricity, are most effectively regulated on a national 20
126	126	level. 21
127	127
128	128	2–1213. RESERVED. 22
129	129
130	130	2–1214. RESERVED. 23
131	131
132	132	PART II. CLIMATE CRISIS INITIATIVE. 24
133	133
134	134	2–1215. 25
135	135
136	136	(A) IN THIS PART THE FOLL OWING WORDS HAVE THE MEANINGS 26
137	137	INDICATED. 27
138	138
139	139	(B) “ADMINISTRATION ” MEANS THE MARYLAND ENERGY 28
140	140	ADMINISTRATION . 29
141	141
142	142	(C) “ADULT RESIDENT ” MEANS A RESIDENT OF THE STATE WHO IS AT LEAST 30
143	143	18 YEARS OLD. 31
144	144	4 HOUSE BILL 516
145	145
146	146
147	147	(D) “BENEFIT FUND” MEANS THE HOUSEHOLD AND EMPLOYER BENEFIT 1
148	148	FUND ESTABLISHED UNDE R § 2–1220 OF THIS SUBTITLE. 2
149	149
150	150	(E) “DISPROPORTIONATELY AF FECTED COMMUNITY ” MEANS A 3
151	151	COMMUNITY DIS PROPORTIONATELY AFFE CTED BY CLIMATE IMPA CTS, AS 4
152	152	IDENTIFIED BY THE ME THODOLOGY RECOMMENDE D BY THE COMMISSION ON 5
153	153	ENVIRONMENTAL JUSTICE AND SUSTAINABLE COMMUNITIES UNDER § 1–702 OF 6
154	154	THIS ARTICLE. 7
155	155
156	156	(F) “EMPLOYER” MEANS A PERSON , A GOVERNMENTAL UNIT , OR ANY 8
157	157	OTHER ENTITY THAT HAS EMPLOYEES WORKING IN THE STATE. 9
158	158
159	159	(G) “FOSSIL FUEL” MEANS: 10
160	160
161	161	(1) NATURAL GAS; 11
162	162
163	163	(2) PETROLEUM; 12
164	164
165	165	(3) COAL; AND 13
166	166
167	167	(4) ANY SOLID, LIQUID, OR GASEOUS FUEL DERI VED FROM ITEM (1), 14
168	168	(2), OR (3) OF THIS SUBSECTION . 15
169	169
170	170	(H) “FUGITIVE EMISSIONS” MEANS EMISSIONS OF G REENHOUSE GASES 16
171	171	FROM EQUIPMENT , INCLUDING PIPELINES , DUE TO LEAKS OR OTHE R UNINTENDED 17
172	172	OR IRREGULAR RELEASE S. 18
173	173
174	174	(I) “GREENHOUSE GAS POLLUT ION FEE” OR “FEE” MEANS A FEE IMPOSED 19
175	175	ON EACH CARBON DIOXI DE EQUIVALENT UNDER THIS PART. 20
176	176
177	177	(J) “INFRASTRUCTURE FUND” MEANS THE CLIMATE CRISIS 21
178	178	INFRASTRUCTURE FUND ESTABLISHED UNDE R § 2–1221 OF THIS SUBTITLE. 22
179	179
180	180	(K) “INITIATIVE” MEANS THE CLIMATE CRISIS INITIATIVE ESTABLISHE D 23
181	181	UNDER THIS PART . 24
182	182
183	183	(L) (1) “LIFE–CYCLE EMISSIONS ” MEANS GREENHOUSE GAS EMISSIONS 25
184	184	THAT ARE RELEASED DU RING PHASES OF A FUE L’S OR OTHER PRODUCT ’S LIFE. 26
185	185
186	186	(2) “LIFE–CYCLE EMISSIONS ” INCLUDES GREENHOUSE GAS 27
187	187	EMISSIONS RELEASED D URING EXTRACTION , PROCESSING, TRANSPORTATION , AND 28
188	188	DISPOSAL ACTIVITIES . 29
189	189	HOUSE BILL 516 5
190	190
191	191
192	192	(M) “MINOR RESIDENT ” MEANS A RESIDENT OF THE STATE WHO IS UNDER 1
193	193	THE AGE OF 18 YEARS. 2
194	194
195	195	(N) “QUINTILE 1” MEANS THE 20% OF HOUSEHOLDS WITH P RE–TAX 3
196	196	INCOMES THROUGH THE
197	197
198	198	20TH
199	199
200	200	PERCENTILE OF ALL HO USEHOLDS IN THE STATE. 4
201	201
202	202	(O) “QUINTILE 2” MEANS THE 20% OF HOUSEHOLDS WITH P RE–TAX 5
203	203	INCOMES ABOV E THE
204	204
205	205	20TH PERCENTILE THROUG H THE
206	206
207	207	40TH PERCENTILE OF ALL 6
208	208	HOUSEHOLDS IN THE STATE. 7
209	209
210	210	(P) “QUINTILE 3” MEANS THE 20% OF HOUSEHOLDS WITH P RE–TAX 8
211	211	INCOMES ABOVE THE
212	212
213	213	40TH PERCENTILE THROUG H THE
214	214
215	215	60TH PERCENTILE OF ALL 9
216	216	HOUSEHOLDS IN THE STATE. 10
217	217
218	218	(Q) “QUINTILE 4” MEANS THE 20% OF HOUSEHOLDS WITH P RE–TAX 11
219	219	INCOMES ABOVE THE
220	220
221	221	60TH PERCENTILE THROUG H THE
222	222
223	223	80TH PERCENTILE OF ALL 12
224	224	HOUSEHOLDS IN THE STATE. 13
225	225
226	226	(R) “QUINTILE 5” MEANS THE 20% OF HOUSEHOLDS WITH P RE–TAX 14
227	227	INCOMES ABOVE THE
228	228
229	229	80TH PERCENTILE OF ALL HOUSEHOLDS IN THE STATE. 15
230	230
231	231	2–1216. 16
232	232
233	233	(A) THERE IS A CLIMATE CRISIS INITIATIVE IN THE DEPARTMENT . 17
234	234
235	235	(B) THE PURPOSE OF THE INITIATIVE IS TO PROV IDE FOR: 18
236	236
237	237	(1) THE ASSESSMENT OF GRE ENHOUSE GAS POLLUTIO N FEES; 19
238	238
239	239	(2) THE PROVISION OF BENE FITS TO HOUSEHOLDS A ND EMPLOYERS 20
240	240	IN THE STATE TO MITIGATE THE IMPACT OF FEES UNDER THE INITIATIVE; AND 21
241	241
242	242	(3) THE FUNDING OF ACTIVI TIES FOR GREENHOUSE GAS EMISSIONS 22
243	243	REDUCTION AND SEQUES TRATION, IMPROVEMENTS IN RESI LIENCY, AND THE 23
244	244	PROMOTION OF A JUST ECONOMIC TRANSITION IN THE STATE. 24
245	245
246	246	2–1217. 25
247	247
248	248	(A) THE SECRETARY SHALL ADMIN ISTER THE SCHEDULES OF GREENHOUSE 26
249	249	GAS POLLUTION FEES U NDER THIS PART . 27
250	250
251	251	(B) THE SECRETARY MAY DELEGAT E ANY APPROPRIATE FU NCTIONS TO 28
252	252	THE COMPTROLLER UNDER THI S PART, SUCH AS THE COLLECTI ON OF GREENHOUSE 29 6 HOUSE BILL 516
253	253
254	254
255	255	GAS POLLUTION CHARGE S AND THE DISTRIBUTION OF BENEFITS. 1
256	256
257	257	(C) THE COMPTROLLER SHALL CAR RY OUT ALL FUNCTIONS THE 2
258	258	SECRETARY DELEGATES T O THE COMPTROLLER UNDER THI S PART. 3
259	259
260	260	2–1218. 4
261	261
262	262	(A) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION , A 5
263	263	GREENHOUSE GAS POLLU TION FEE SHALL BE COLLECTED ON ALL FOS SIL FUELS 6
264	264	BROUGHT INTO THE STATE FOR COMBUSTION IN THE STATE. 7
265	265
266	266	(2) NOTWITHSTANDING ANY O THER LAW , A GREENHOUSE GAS 8
267	267	POLLUTION FEE MAY NO T BE IMPOSED ON ANY GREENHOUSE –GAS–PRODUCING 9
268	268	SUBSTANCE: 10
269	269
270	270	(I) THAT WILL BE USED TO GENERATE ELE CTRICITY; OR 11
271	271
272	272	(II) IF THE IMPOSITION IS SUPERSEDED BY FEDERA L LAW OR 12
273	273	REGULATION . 13
274	274
275	275	(B) SUBJECT TO SUBSECTION (C) OF THIS SECTION, THE FEE ASSESSED PER 14
276	276	TON OF CARBON DIOXID E EQUIVALENT ON : 15
277	277
278	278	(1) NONTRANSPORTATION FUE LS SHALL: 16
279	279
280	280	(I) BE $25 IN 2025; 17
281	281
282	282	(II) INCREASE BY $5 EACH YEAR THEREAFTER THROUGH 2034; 18
283	283	AND 19
284	284
285	285	(III) BE $75 IN 2035 AND EACH YEAR THEREA FTER; AND 20
286	286
287	287	(2) TRANSPORTATION FUELS SHALL: 21
288	288
289	289	(I) BE $25 IN 2025; 22
290	290
291	291	(II) INCREASE BY $3 EACH YEAR THEREAFTER THROUGH 2034; 23
292	292	AND 24
293	293
294	294	(III) BE $52 IN 2035 AND EACH YEAR THEREA FTER. 25
295	295
296	296	(C) IF THE FEES AND BENEF ITS UNDER THIS PART TAKE EFFECT IN A 26
297	297	CALENDAR YEAR LATER THAN 2025, THE SECRETARY SHALL DELAY THE SCHEDULE 27 HOUSE BILL 516 7
298	298
299	299
300	300	OF FEES UNDER SUBSEC TION (B) OF THIS SECTION BY T HE SAME NUMBER OF YE ARS. 1
301	301
302	302	(D) (1) THE FEE ON FOSSIL FUELS T O BE COMBUSTED IN TH E STATE 2
303	303	SHALL BE: 3
304	304
305	305	(I) COLLECTED AT THE FOSS IL FUEL’S FIRST POINT OF SAL E IN 4
306	306	THE STATE; AND 5
307	307
308	308	(II) PAID BY THE ENTITY TR ANSPORTING THE FOSSI L FUEL 6
309	309	INTO THE STATE. 7
310	310
311	311	(2) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , THE 8
312	312	ANNUAL TOTAL OF FEES PAID BY AN ENTITY TR ANSPORTING PETROLEUM 9
313	313	PRODUCTS INTO THE STATE UNDER PARAGRAPH (1) OF THIS SUBSECTION S HALL BE 10
314	314	REDUCED BY AN AMOUNT EQUAL TO THE ANNUAL TOTAL OF EMISSIONS 11
315	315	COMPLIANCE COST OBLI GATIONS THE PETROLEU M PRODUCT IS SUBJECT TO UN DER 12
316	316	REGIONAL INITIATIVES , INCLUDING THE TRANSPORTATION AND CLIMATE 13
317	317	INITIATIVE, FOR THE SAME YEAR . 14
318	318
319	319	(II) THE AMOUNT DEDUCTED U NDER SUBPARAGRAPH (I) OF 15
320	320	THIS PARAGRAPH MAY N OT EXCEED THE TOTAL AMOUNT OF THE FEE CA LCULATED 16
321	321	UNDER SUBSECTI ON (B) OF THIS SECTION. 17
322	322
323	323	(3) (I) SUBJECT TO SUBPARAGRA PH (II) OF THIS PARAGRAPH , A 18
324	324	FEE COLLECTED UNDER THIS SECTION MAY NOT BE PASSED THROUGH AS A DIRECT 19
325	325	COST TO: 20
326	326
327	327	1. AN END USER OF A FOSS IL FUEL; OR 21
328	328
329	329	2. A CUSTOMER OF A GAS CO MPANY. 22
330	330
331	331	(II) THIS PARAGRAPH DOES NOT P ROHIBIT THE PASSING 23
332	332	THROUGH TO A CUSTOME R OF A FEE COLLECTED UNDER THIS SECTION O N NATURAL 24
333	333	GAS DISTRIBUTED BY A GAS COMPANY ONLY TO THE EXTENT THAT THE PUBLIC 25
334	334	SERVICE COMMISSION APPROVES T HE FEE AS A PRUDENTL Y INCURRED COST OF 26
335	335	DISTRIBUTION. 27
336	336
337	337	(E) (1) A LOCAL DISTRIBUTION C OMPANY FOR NATURAL G AS SHALL PAY 28
338	338	THE FEE FOR ALL NATU RAL GAS THAT THE COM PANY DISTRIBUTES FOR 29
339	339	COMBUSTION IN THE STATE. 30
340	340
341	341	(2) THE FEE UNDER THIS SU BSECTION SHALL BE CA LCULATED BY 31
342	342	MULTIPLYING THE NUMB ER OF CUBIC FEET OF NATURAL GAS USED BY EACH 32 8 HOUSE BILL 516
343	343
344	344
345	345	CUSTOMER BY THE AMOU NT OF CARBON DIOXIDE EQUIVALENTS RELEASED BY 1
346	346	BURNING 1 CUBIC FOOT OF NATURA L GAS, AS THAT VALUE IS DET ERMINED BY THE 2
347	347	U.S. ENERGY INFORMATION ADMINISTRATION . 3
348	348
349	349	(F) SUBJECT TO § 2–1223 OF THIS SUBTITLE , THE SECRETARY SHALL 4
350	350	DETERMINE THE AMOUNT OF EMISSIONS, AS CARBON DIOXIDE EQ UIVALENTS, FROM 5
351	351	ESCAPED OR INTENTION ALLY RELEASED METHAN E DUE TO THE EXTRACT ION, 6
352	352	PROCESSING, TRANSPORT, OR DISTRIBUTION OF N ATURAL GAS BEFORE TH E POINT 7
353	353	OF COMBUSTION IN THE STATE, AND MAY AD D AN ADDITIONAL FEE FOR THESE 8
354	354	EMISSIONS. 9
355	355
356	356	(G) (1) UNITS OF GOVERNMENT W HOSE PRIMARY PURPOSE IS TO 10
357	357	PROVIDE PUBLIC TRANS PORTATION BY BUS , VAN, RAIL, OR OTHER MEANS THAT 11
358	358	REDUCE THE AMOUNT OF DRIVING BY PRIVATE M OTOR VEHICLES SHALL BE EXEMPT 12
359	359	FROM GREENHOUSE G AS POLLUTION FEES UN DER THIS PART. 13
360	360
361	361	(2) IF AN EXEMPTION FOR A UNIT UNDER PARAGRAPH (1) OF THIS 14
362	362	SUBSECTION IS NOT FE ASIBLE, THE UNIT SHALL BE FU LLY REIMBURSED FOR I TS 15
363	363	INCREASED COSTS UNDE R THIS PART FROM THE BENEFIT FUND. 16
364	364
365	365	(H) SUBJECT TO SUBSECTION (C) OF THIS SECTION, THE COLLECTION OF 17
366	366	THE FEE UNDER THIS S ECTION SHALL BEGIN O N THE ADOPTION OF AL L NECESSARY 18
367	367	RULES FOR ITS COLLEC TION, BUT NOT LATER THAN JANUARY 1, 2026. 19
368	368
369	369	(I) THE FEES COLLECTED UN DER THIS SECTION SHA LL BE PAID INTO THE 20
370	370	INFRASTRUCTURE FUND AND THE BENEFIT FUND IN ACCORDANCE WI TH THIS 21
371	371	PART. 22
372	372
373	373	(J) (1) USING THE BEST INFORM ATION AND SCIENCE RE ASONABLY 23
374	374	AVAILABLE, THE SECRETARY SHALL DETER MINE WHETHER TO IDEN TIFY ANY 24
375	375	GREENHOUSE GAS –EMITTING SUBSTANCE O R SOURCE, IN ADDITION TO NATUR AL 25
376	376	GAS, PETROLEUM , COAL, AND THEIR DERIVATIVE S, AS BEING A FOSSIL FU EL 26
377	377	SUBJECT TO THE FEE U NDER THIS PART . 27
378	378
379	379	(2) EMISSIONS FROM FARM A NIMALS AND CROPS MAY NOT BE 28
380	380	DESIGNATED AS SUBJEC T TO THE FEE UNDER T HIS PART. 29
381	381
382	382	2–1219. 30
383	383
384	384	(A) REVENUES FROM GREENHO USE GAS POLLUTION FEES COLLE CTED 31
385	385	UNDER THIS PART SHAL L BE DISTRIBUTED TO THE BENEFIT FUND AND THE 32
386	386	INFRASTRUCTURE FUND IN ACCORDANCE WI TH THIS SECTION. 33
387	387	HOUSE BILL 516 9
388	388
389	389
390	390	(B) OF THE REVENUES GENER ATED BY THE FEE : 1
391	391
392	392	(1) 50% SHALL BE DISTRIBUTED EACH YEAR TO THE BENEFIT FUND; 2
393	393	AND 3
394	394
395	395	(2) 50% SHALL BE DISTRIBUTED EACH YEAR TO THE 4
396	396	INFRASTRUCTURE FUND. 5
397	397
398	398	2–1220. 6
399	399
400	400	(A) THERE IS A HOUSEHOLD AND EMPLOYER BENEFIT FUND. 7
401	401
402	402	(B) THE PURPOSES OF THE BENEFIT FUND ARE TO: 8
403	403
404	404	(1) PROVIDE A HIGH DEGREE OF PROTECTION FOR LO W– AND 9
405	405	MODERATE–INCOME HOUSE HOLDS IN THE STATE; AND 10
406	406
407	407	(2) PROTECT ENERGY –INTENSIVE, TRADE–EXPOSED EMPLOYERS IN 11
408	408	THE STATE. 12
409	409
410	410	(C) THE SECRETARY SHALL ADMIN ISTER THE BENEFIT FUND. 13
411	411
412	412	(D) (1) THE BENEFIT FUND IS A SPECIAL , NONLAPSING FUND THAT IS 14
413	413	NOT SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 15
414	414
415	415	(2) THE STATE TREASURER SHALL HOLD THE BENEFIT FUND 16
416	416	SEPARATELY, AND THE COMPTROLLER SHALL ACC OUNT FOR THE BENEFIT FUND. 17
417	417
418	418	(E) THE BENEFIT FUND CONSISTS OF : 18
419	419
420	420	(1) PROCEEDS OF FEES DIST RIBUTED TO THE BENEFIT FUND UNDER 19
421	421	§ 2–1219(B) OF THIS SUBTITLE; 20
422	422
423	423	(2) MONEY APPROPRIATED IN THE STATE BUDGET TO THE BENEFIT 21
424	424	FUND; AND 22
425	425
426	426	(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 23
427	427	THE BENEFIT OF THE BENEFIT FUND. 24
428	428
429	429	(F) THE BENEFIT FUND MAY BE USED ONLY FOR: 25
430	430
431	431	(1) PAYMENT OF BEN EFITS UNDER THIS SEC TION; AND 26
432	432	10 HOUSE BILL 516
433	433
434	434
435	435	(2) ADMINISTRATION OF THE BENEFIT FUND, NOT TO EXCEED 5% OF 1
436	436	THE MONEY IN THE BENEFIT FUND. 2
437	437
438	438	(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE 3
439	439	BENEFIT FUND IN THE SAME MANN ER AS OTHER STATE MONEY MAY BE IN VESTED. 4
440	440
441	441	(2) ANY INTEREST EARNINGS OF THE BENEFIT FUND SHALL BE 5
442	442	CREDITED TO THE BENEFIT FUND. 6
443	443
444	444	(H) IN THE BENEFIT FUND THERE ARE THE FO LLOWING SEPARATE 7
445	445	ACCOUNTS: 8
446	446
447	447	(1) THE HOUSEHOLD BENEFIT ACCOUNT, WHICH CONSISTS OF 80% 9
448	448	OF THE MONEY IN THE BENEFIT FUND; AND 10
449	449
450	450	(2) THE EMPLOYER BENEFIT ACCOUNT, WHICH CONSISTS OF 20% OF 11
451	451	THE MONEY IN THE BENEFIT FUND. 12
452	452
453	453	(I) (1) (I) MONEY IN THE HOUSEHOLD BENEFIT ACCOUNT SHALL BE 13
454	454	DISTRIBUTED AS BENEF ITS IN ACCORDANCE WI TH THIS SUBSECTION . 14
455	455
456	456	(II) 1. ONE–HALF SHALL BE DISTRI BUTED TO HOUSEHOLDS 15
457	457	IN QUINTILE 1. 16
458	458
459	459	2. ONE–THIRD SHALL BE DISTR IBUTED TO 17
460	460	HOUSEHOLDS IN QUINTI LE 2. 18
461	461
462	462	3. ONE–SIXTH SHALL BE DISTR IBUTED TO HOUSEHOLDS 19
463	463	IN QUINTILE 3. 20
464	464
465	465	(III) 1. IF THE QUINTILE 1 DISTRIBUTION IS NOT SUFFICIENT 21
466	466	TO ENSURE THAT NO QU INTILE 1 HOUSEHOLD PAYS MORE IN FEES THAN IT 22
467	467	RECEIVES IN BENEFITS , THE QUINTILE 1 DISTRIBUTION SHALL B E INCREASED TO 23
468	468	ENSURE THAT THIS REQ UIREMENT IS MET . 24
469	469
470	470	2. IF THE DISTRIBUTION T O QUINTILE 1 IS GREATER 25
471	471	THAN ONE–HALF, TWO–THIRDS OF THE FEES R EMAINING IN THE HOUSEHOLD 26
472	472	BENEFIT ACCOUNT AFTER DISTRIB UTION TO QUINTILE 1 SHALL BE DISTRIBUTED 27
473	473	TO QUINTILE 2 AND ONE–THIRD TO QUINTILE 3. 28
474	474
475	475	(2) (I) EACH QUINTILE’S TOTAL DISTRIBUTION AMOUNT SHALL BE 29
476	476	DIVIDED BY THE SUM O F THE ADULT RESIDENT S IN THAT QUINTILE P LUS ONE–HALF 30
477	477	OF THE MINOR RESIDENTS IN THAT QUINTILE TO PRODUCE THAT QUINTIL E’S 31 HOUSE BILL 516 11
478	478
479	479
480	480	INITIAL BENEFIT. 1
481	481
482	482	(II) EACH HOUSEHOLD IN A Q UINTILE SHALL RECEIV E A 2
483	483	BENEFIT EQUAL TO THA T QUINTILE’S INITIAL BENEFIT TI MES THE SUM OF THE 3
484	484	NUMBER OF ADULT RESI DENTS IN THE HOUSEHO LD AND ONE–HALF OF THE NUMBER 4
485	485	OF MINOR RESIDENTS I N THE HOUSEHOLD . 5
486	486
487	487	(3) ANY MONEY REMAINING I N THE HOUSEHOLD BENEFIT ACCOUNT 6
488	488	AFTER THE DISTRIBUTI ON OF MONEY IN ACCOR DANCE WITH PARAGRAPH (1) OF 7
489	489	THIS SUBSECTION SHAL L BE DEPOSITED IN TH E INFRASTRUCTURE FUND. 8
490	490
491	491	(4) IN PROVIDING BENEFITS F ROM FEE PROCEEDS FRO M THE 9
492	492	HOUSEHOLD BENEFIT ACCOUNT, THE SECRETARY SHALL COORD INATE WITH THE 10
493	493	COMPTROLLER , THE DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT , 11
494	494	THE DEPARTMENT OF HUMAN SERVICES, AND OTHER UNITS IN M AKING ALL 12
495	495	REASONABLE E FFORTS TO IDENTIFY T HE NAMES AND ADDRESS ES OF ALL 13
496	496	RESIDENTS, WITH SPECIAL ATTENTI ON TO THE NAMES AND ADDRESSES OF 14
497	497	LOW–INCOME RESIDENTS , SO THAT THEY CAN REC EIVE BENEFITS EXPEDI TIOUSLY. 15
498	498
499	499	(5) MONEY DISTRIBUTED FRO M THE HOUSEHOLD BENEFIT 16
500	500	ACCOUNT: 17
501	501
502	502	(I) MAY NOT BE INCLUDED I N TAXABLE INCOME FOR 18
503	503	PURPOSES OF ANY STATE OR LOCAL INCOME TAX; AND 19
504	504
505	505	(II) SHALL, TO THE EXTENT FEASIB LE, BE EXCLUDED FROM 20
506	506	HOUSEHOLD INCOME FOR PURPOSES OF DETERMIN ING ELIGIBILITY FOR , OR THE 21
507	507	LEVEL OF, ANY FORM OF PUBLIC A SSISTANCE. 22
508	508
509	509	(J) (1) MONEY IN THE EMPLOYER BENEFIT ACCOUNT SHALL BE 23
510	510	DISTRIBUTED IN ACCOR DANCE WITH THIS SUBS ECTION. 24
511	511
512	512	(2) THE SECRETARY SHALL USE T HE MONEY IN THE EMPLOYER 25
513	513	BENEFIT ACCOUNT TO PROVIDE BE NEFITS TO EMPLOYERS . 26
514	514
515	515	(3) (I) THE SECRETARY, IN CONSULTATION WIT H THE SECRETARY 27
516	516	OF COMMERCE, THE SECRETARY OF LABOR, AND THE SECRETARY OF HOUSING AND 28
517	517	COMMUNITY DEVELOPMENT , SHALL, WITH SPECIAL ATTENTI ON TO 29
518	518	MANUFACTURING AND AG RICULTURE, IDENTIFY ECONOMIC SE CTORS OR ECONOMIC 30
519	519	SUBSECTORS THAT ARE ENERGY–INTENSIVE AND TRAD E–EXPOSED. 31
520	520
521	521	(II) THE SECRETARY SHALL , AS MITIGATION, CALCULATE THE 32
522	522	TOTAL PROCEEDS COLLE CTED FROM THE SECTOR S OR SUBSECTORS IDEN TIFIED IN 33 12 HOUSE BILL 516
523	523
524	524
525	525	SUBPARAGRAPH (I) OF THIS PARAGRAPH AN D MAY APPORTION PART OR ALL OF THE 1
526	526	PROCEEDS TO THE AFFE CTED SECTOR OR SUBSE CTOR. 2
527	527
528	528	(4) MONEY REMAINING IN TH E EMPLOYER BENEFIT ACCOUNT 3
529	529	AFTER DISTRIBUTIONS UNDER PARAGRAPH (3) OF THIS SUBSECTION A RE 4
530	530	CALCULATED SHALL BE DEPOSITED IN THE INFRASTRUCTURE FUND. 5
531	531
532	532	(K) (1) THE SECRETARY SHALL CONSI DER ALTERNATIVE CALE NDAR 6
533	533	SCHEDULES FOR DISTRIBUTION OF THE BENEFITS AUTHORIZED UNDER THIS 7
534	534	SECTION, INCLUDING PARTIAL OR WHOLE DISTRIBUTIONS EARLY IN THE RELEVAN T 8
535	535	REVENUE CYCLE AND ON A REGULAR BASIS THRO UGHOUT THE REVENUE C YCLE. 9
536	536
537	537	(2) THE METHOD AND SCHEDU LE OF DISTRIBUTION O F BENEFITS 10
538	538	SHALL TAKE INTO ACCOUNT : 11
539	539
540	540	(I) THE NEEDS OF RESIDENT S AND EMPLOYERS , 12
541	541	PARTICULARLY LOW –INCOME HOUSEHOLDS , TO OBTAIN BENEFITS 13
542	542	CORRESPONDING TO THE TIME SCHEDULE WHEN T HEY WILL BE PAYING 14
543	543	GREENHOUSE GAS POLLU TION FEES; 15
544	544
545	545	(II) THE NEED TO MAKE CLEA R TO RESIDENTS AND EMPLOYERS 16
546	546	THAT THEY ARE RECEIV ING A BENEFIT OF GRE ENHOUSE GAS POLLUTIO N FEES THAT 17
547	547	IS SEPARATE FROM OTH ER TRANSACTIONS THEY MAY HAVE WITH THE STATE; AND 18
548	548
549	549	(III) THE NEED TO MINIMIZE THE ADMINISTRATIVE C OSTS OF 19
550	550	THE INITIATIVE. 20
551	551
552	552	(L) HOUSEHOLDS AND EMPL OYERS MAY OPT TO REC EIVE A PORTION OR 21
553	553	ALL OF THEIR BENEFIT S ON THEIR UTILITY B ILLS. 22
554	554
555	555	(M) THE SECRETARY MAY ISSUE A DDITIONAL BENEFITS O R DECLARE 23
556	556	EXEMPTIONS FROM FEES IN INSTANCES WHERE F EES HAVE BEEN PAID B UT NO 24
557	557	EMISSIONS HAVE OCCUR RED OR ARE ANTICIPAT ED TO OCCUR. 25
558	558
559	559	2–1221. 26
560	560
561	561	(A) THERE IS A CLIMATE CRISIS INFRASTRUCTURE FUND. 27
562	562
563	563	(B) THE PURPOSE OF THE INFRASTRUCTURE FUND IS TO INVEST IN 28
564	564	INITIATIVES THAT IMP ROVE THE HEALTH AND WELFARE OF THE CITIZ ENS OF THE 29
565	565	STATE BY: 30
566	566
567	567	(1) EXPANDING THE USE OF CLEAN ENERGY SOURCES AND ENERGY 31 HOUSE BILL 516 13
568	568
569	569
570	570	EFFICIENCY IN THE EL ECTRICITY AND OTHER ENERGY–CONSUMING SECTORS ; 1
571	571
572	572	(2) CREATING A CLEANER , MORE JUST , AND MORE EFFICIENT 2
573	573	TRANSPORTATION SECTO R THROUGHOUT THE STATE; 3
574	574
575	575	(3) PROVIDING FUNDING FOR RESILIENCY AGAINST C LIMATE 4
576	576	CHANGE AND WEA THER EVENTS THAT HAV E AN IMPACT ON THE L IVES OF THE 5
577	577	CITIZENS OF THE STATE AND ITS ECONOMY ; 6
578	578
579	579	(4) SEQUESTERING CARBON I N FORESTS, SOILS, AND WETLANDS ; AND 7
580	580
581	581	(5) PROMOTING A JUST TRAN SITION TO CLEAN ENER GY. 8
582	582
583	583	(C) (1) THE DEPARTMENT , IN CONSULTATION WITH THE COMMISSION 9
584	584	ON ENVIRONMENTAL JUSTICE AND SUSTAINABLE COMMUNITIES AND THE 10
585	585	MARYLAND COMMISSION ON CLIMATE CHANGE, SHALL ADMINISTER THE 11
586	586	INFRASTRUCTURE FUND. 12
587	587
588	588	(2) THE DEPARTMENT MAY DELEGA TE ADMINISTRATION OF ANY 13
589	589	PROGRAMS DEVELOPED U NDER THE INFRASTRUCTURE FUND TO STATE AGENCIES , 14
590	590	REGIONAL AUTHORITIES , MUNICIPAL GOVERNMENT S, AND OTHER PUBLIC 15
591	591	INSTITUTIONS. 16
592	592
593	593	(D) (1) THE INFRASTRUCTURE FUND IS A SPECIAL , NONLAPSING FUND 17
594	594	THAT IS NOT SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT 18
595	595	ARTICLE. 19
596	596
597	597	(2) THE STATE TREASURER SHALL HOLD THE INFRASTRUCTURE 20
598	598	FUND SEPARATELY , AND THE COMPTROLLER SHALL ACC OUNT FOR THE 21
599	599	INFRASTRUCTURE FUND. 22
600	600
601	601	(E) THE INFRASTRUCTURE FUND CONSISTS OF : 23
602	602
603	603	(1) PROCEEDS OF FEES DIST RIBUTED TO THE INFRASTRUCTURE 24
604	604	FUND UNDER § 2–1219(B) OF THIS SUBTITLE; 25
605	605
606	606	(2) ANY EXCESS OF UNSPENT BENEFITS RECEIVED FR OM THE 26
607	607	BENEFIT FUND UNDER § 2–1220(I)(3) AND (J)(4) OF THIS SUBTITLE; 27
608	608
609	609	(3) MONEY APPROPRIATED IN THE STATE BUDGET TO THE 28
610	610	INFRASTRUCTURE FUND; AND 29
611	611
612	612	(4) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR 30 14 HOUSE BILL 516
613	613
614	614
615	615	THE BENEFIT OF THE INFRASTRUCTURE FUND. 1
616	616
617	617	(F) (1) THE INFRASTRUCTURE FUND MAY BE USED ONLY FOR: 2
618	618
619	619	(I) THE PURPOSES AUTHORIZ ED UNDER THIS SECTIO N; AND 3
620	620
621	621	(II) ADMINISTRATION OF THE INFRASTRUCTURE FUND, NOT TO 4
622	622	EXCEED 5% OF THE MONEY IN THE INFRASTRUCTURE FUND. 5
623	623
624	624	(2) WHEN FEASIBLE, INVESTMENTS UNDER TH IS SECTION SHALL BE 6
625	625	DESIGNED TO CREATE L OCAL ECONOMIC DEVELO PMENT AND EMPLOYMENT IN THE 7
626	626	STATE. 8
627	627
628	628	(G) UP TO 50% OF THE MONEY IN THE INFRASTRUCTURE FUND MAY BE 9
629	629	DISBURSED TO COUNTY AND MUNICIPAL GOV ERNMENTS FOR PROJECT S THAT MEET 10
630	630	THE REQUIREMENTS OF THIS SUBTITLE. 11
631	631
632	632	(H) (1) THE SECRETARY MAY USE UP TO 5% OF THE MONEY IN THE 12
633	633	INFRASTRUCTURE FUND TO PROVIDE TECHN ICAL ASSISTANCE , CAPACITY, AND 13
634	634	PLANNING TOOLS TO CO UNTY AND MUNICIPAL G OVERNMENTS FOR THE 14
635	635	DEVELOPMENT OF LOCAL C LIMATE PLANS AND INV ESTMENT PROPOSALS . 15
636	636
637	637	(2) IN USING THE MONEY IN THE INFRASTRUCTURE FUND UNDER 16
638	638	PARAGRAPH (1) OF THIS SUBSECTION , THE SECRETARY SHALL GIVE DUE 17
639	639	CONSIDERATION TO COU NTIES AND MUNICIPALI TIES WITH DISPROPORT IONATELY 18
640	640	AFFECTED COMMUNITIES . 19
641	641
642	642	(I) (1) AT LEAST 50% OF THE MONEY IN THE INFRASTRUCTURE FUND 20
643	643	SHALL BE INVESTED IN PROJECTS THAT ARE LO CATED WITHIN AND PRO VIDE 21
644	644	MEANINGFUL BENEFITS TO DISPROPORTIONATEL Y AFFECTED COMMUNITI ES. 22
645	645
646	646	(2) ON OR BEFORE JANUARY 1, 2025, THE SECRETARY, IN 23
647	647	CONSULTATION WITH TH E COMMISSION ON ENVIRONMENTAL JUSTICE AND 24
648	648	SUSTAINABLE COMMUNITIES SHALL : 25
649	649
650	650	(I) DEFINE “MEANINGFUL BENEFITS ” THAT A PROJECT MAY 26
651	651	PROVIDE TO A DISPROP ORTIONATELY AFFECTED COMMUNITY ; 27
652	652
653	653	(II) DEVELOP A METHOD FOR DETERMINING WHAT PORTION OF 28
654	654	A PROJECT’S EXPENDITURES ARE D IRECTLY LOCATED WITH IN, AND PROVIDE 29
655	655	DIRECT MEANINGFUL BE NEFITS TO , A DISPROPORTIONATELY AFFECTED 30
656	656	COMMUNITY ; 31
657	657	HOUSE BILL 516 15
658	658
659	659
660	660	(III) DEVELOP MEASURABLE CR ITERIA THAT A PROJEC T 1
661	661	RECEIVING FUNDING UN DER THIS SUBSECTION MUST MEET TO BE CONSIDERED 2
662	662	DIRECTLY LOCATED WIT HIN, AND PROVIDING MEANIN GFUL BENEFITS TO , A 3
663	663	DISPROPORTIONATELY A FFECTED COMMUNITY ; 4
664	664
665	665	(IV) DEVELOP ANY PROCEDURE S THE COMMISSION 5
666	666	DETERMINES ARE NECES SARY TO DEMONSTRATE LOCAL SUPPORT OF AND CONSENT 6
667	667	TO A PROJECT THAT WILL BE LOCATED WITH IN AND PROVIDE MEANI NGFUL 7
668	668	BENEFITS TO THE DISP ROPORTIONATELY AFFEC TED COMMUNITY ; AND 8
669	669
670	670	(V) ESTABLISH A PROCESS F OR RECIPIENTS OF FUN DING 9
671	671	UNDER THIS SUBSECTIO N TO REPORT THE INFO RMATION UNDER ITEMS (II) AND (III) 10
672	672	OF THIS PARAGRAPH TO THE SECRETARY. 11
673	673
674	674	(3) A RECIPIENT OF FUNDING UNDER THIS SUBSECTIO N SHALL 12
675	675	REPORT ANNUALLY TO T HE SECRETARY ON THE INFO RMATION UNDER PARAGR APH 13
676	676	(2) OF THIS SUBSECTION . 14
677	677
678	678	(J) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE 15
679	679	INFRASTRUCTURE FUND IN THE SAM E MANNER AS OTHER STATE MONEY MAY BE 16
680	680	INVESTED. 17
681	681
682	682	(2) ANY INTEREST EARNINGS OF THE INFRASTRUCTURE FUND SHALL 18
683	683	BE CREDITED TO THE INFRASTRUCTURE FUND. 19
684	684
685	685	(K) ON OR BEFORE JANUARY 1, 2025, AND EACH YEAR THEREA FTER, THE 20
686	686	SECRETARY SHALL SUBMI T A REPORT TO THE GENERAL ASSEMBLY, IN 21
687	687	ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, ON THE 22
688	688	STATUS OF THE INFRASTRUCTURE FUND, INCLUDING INFORMATIO N REPORTED BY 23
689	689	RECIPIENTS OF FUNDIN G UNDER SUBSECTION (I) OF THIS SECTION. 24
690	690
691	691	2–1222. 25
692	692
693	693	EACH YEAR, THE SECRETARY, IN CONSULTATION WITH THE PUBLIC SERVICE 26
694	694	COMMISSION, THE SECRETARY OF HOUSING AND COMMUNITY DEVELOPMENT , AND 27
695	695	THE SECRETARY OF HUMAN SERVICES, SHALL IDENTIFY MEASU RES AND 28
696	696	PROGRAMS BEST CALCUL ATED TO ENSURE THE P ROVISION OF LOW –INCOME 29
697	697	ENERGY ASSISTANCE AN D IMPROVEMENTS IN TH E ENERGY EFFICIENCY OF 30
698	698	RENTER–OCCUPIED DWELLINGS I N THE STATE. 31
699	699
700	700	2–1223. 32
701	701
702	702	(A) ON OR BEFORE JUNE 30, 2027, AND EVERY 2 YEARS THEREAFTER , THE 33 16 HOUSE BILL 516
703	703
704	704
705	705	SECRETARY, IN CONSULTATION WITH THE COMMISSION ON ENVIRONMENTAL 1
706	706	JUSTICE AND SUSTAINABLE COMMUNITIES , SHALL SUBMIT A REPOR T ON THE 2
707	707	IMPLEMENTATION OF TH IS PART TO THE GOVERNOR AND , IN ACCORDANCE WITH § 3
708	708	2–1257 OF THE STATE GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY. 4
709	709
710	710	(B) THE REPORT SHALL INCL UDE: 5
711	711
712	712	(1) POLICIES TO MITIGATE INEQUITIES THAT COULD ARISE FROM 6
713	713	THE IMPLEMENTATION O F THE INITIATIVE; 7
714	714
715	715	(2) RECOMMENDATIONS ON AD DITIONAL EMISSIONS S OURCES TO 8
716	716	WHICH GREENHOUSE GAS POLLUTION FEES SHOUL D APPLY IN ORDER TO MEET 9
717	717	GREENHOUSE GAS EMISS IONS REDUCTION TARGE TS ESTABLISHED UNDER § 10
718	718	2–1204.1 OF THIS SUBTITLE , INCLUDING INDUSTRIAL PROCESS EMISSIONS AN D 11
719	719	EMISSIONS ASSOCIATED WITH THE GENERATION AND DISTRIBUTION OF ENERGY; 12
720	720	AND 13
721	721
722	722	(3) A STUDY ON THE FEASIBI LITY OF IMPOSING AND COLLECTING 14
723	723	ADDITIONAL GREENHOUS E GAS EMISSIONS FEES ON FUGITIVE EMISSIONS AND 15
724	724	INTENTIONAL RELEASES OF METHANE FROM NATU RAL GAS INFRASTRUCTU RE, 16
725	725	INCLUDING AN ANALYSI S OF THE FEASIBILITY AND COST OF: 17
726	726
727	727	(I) CALCULATING A REASONA BLY ACCURATE CURRENT 18
728	728	STATISTICAL BASELINE , SPECIFIC TO THE STATE, OF FUGITIVE EMISSION S AND 19
729	729	INTENTIONAL RELEASES ; AND 20
730	730
731	731	(II) DEVELOPING AND DEPLOY ING A MEANS OF CALCU LATING 21
732	732	REASONABLY ACCURATE UPDATES ON THE PROGR ESS OR LACK OF PROGR ESS IN 22
733	733	REDUCING FUGITIVE EM ISSIONS AND INTENTIO NAL RELEASES . 23
734	734
735	735	(C) THE REPORT MAY INCLUD E RECOMMENDATIONS FO R: 24
736	736
737	737	(1) INCREASES OR DECREASE S TO GREENHOUSE GAS POLLUTION 25
738	738	FEES THAT THE DEPARTMENT CONSIDERS PRUDENT TO: 26
739	739
740	740	(I) ACCOUNT FOR INFLATION ; 27
741	741
742	742	(II) ADDRESS LIFE –CYCLE EMISSIONS AND FUGITIVE 28
743	743	EMISSIONS ISSUES ; 29
744	744
745	745	(III) ENSURE PROGRESS TOWAR D REACHING EMISSIONS LIMITS 30
746	746	ESTABLISHED UNDER SUBTITLE 10 OF THIS TITLE AND GR EENHOUSE GAS 31
747	747	EMISSIONS REDUCTION TARGETS ESTABLISHED UNDER § 2–1204.1 OF THIS 32 HOUSE BILL 516 17
748	748
749	749
750	750	SUBTITLE; OR 1
751	751
752	752	(IV) MITIGATE SERIOUS HARM TO ECONOMIC SECTORS , 2
753	753	ECONOMIC SUBSECTORS , OR INDIVIDUAL ENERGY –INTENSIVE, TRADE–EXPOSED 3
754	754	EMPLOYERS IN THE STATE CAUSED BY THE C OLLECTION OF GREENHO USE GAS 4
755	755	POLLUTION FEES ; OR 5
756	756
757	757	(2) AMENDMENTS TO THE BENEFIT FUND OR INFRASTRUCTURE 6
758	758	FUND, PROVIDED THAT THE PR OPOSED AMENDMENTS : 7
759	759
760	760	(I) OFFER REASONABLE PROT ECTION FROM FINANCIA L HARM 8
761	761	FOR LOW– AND MODERATE –INCOME HOUSEHOLDS AN D ENERGY –INTENSIVE, 9
762	762	TRADE–EXPOSED EMPLOYERS ; AND 10
763	763
764	764	(II) DO NOT DIMINISH THE E FFECTIVENESS OF THE FEES, THE 11
765	765	BENEFIT FUND, OR THE INFRASTRUCTURE FUND AT REDUCING EMIS SIONS. 12
766	766
767	767	(D) IN DEVELOPING THE REP ORT AND ANY AMENDME NTS TO THE REPORT , 13
768	768	THE SECRETARY SHALL : 14
769	769
770	770	(1) HOLD PERIODIC MEETING S AT CONVENIENT LOCA TIONS AND 15
771	771	TIMES FOR PUBLIC PAR TICIPATION; AND 16
772	772
773	773	(2) PROVIDE A REASONABLE AMOUNT OF TIME AT EA CH MEETING 17
774	774	FOR COMMENTS BY THE PUBLIC. 18
775	775
776	776	(E) THE SECRETARY SHALL VERIF Y THROUGH MODELING EXE RCISES THAT 19
777	777	POLICIES AND RECOMME NDATIONS INCLUDED IN THE REPORT WILL : 20
778	778
779	779	(1) MEET THE OBJECTIVES O F THE INITIATIVE, AS ESTABLISHED 21
780	780	UNDER § 2–1216 OF THIS SUBTITLE; AND 22
781	781
782	782	(2) RESULT IN EQUITABLE O UTCOMES. 23
783	783
784	784	2–1224. 24
785	785
786	786	THE SECRETARY SHALL ADOPT REGULATIONS TO CARRY OUT THIS PART . 25
787	787
788	788	Article – State Finance and Procurement 26
789	789
790	790	6–226. 27
791	791
792	792	(a) (2) (i) Notwithstanding any other provision of law, and unless 28
793	793	inconsistent with a federal law, grant agreement, or other federal requirement or with the 29 18 HOUSE BILL 516
794	794
795	795
796	796	terms of a gift or settlement agreement, net interest on all State money allocated by the 1
797	797	State Treasurer under this section to special funds or accounts, and otherwise entitled to 2
798	798	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 3
799	799	Fund of the State. 4
800	800
801	801	(ii) The provisions of subparagraph (i) of this paragraph do not apply 5
802	802	to the following funds: 6
803	803
804	804	189. the Teacher Retention and Development Fund; [and] 7
805	805
806	806	190. the Protecting Against Hate Crimes Grant Fund; 8
807	807
808	808	191. THE CLIMATE CRISIS INFRASTRUCTURE FUND; AND 9
809	809
810	810	192. THE HOUSEHOLD AND EMPLOYER BENEFIT FUND. 10
811	811
812	812	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 11
813	813	1, 2024. 12
814	814