Fossil fuel investments; tax on electric utilities. (HB1295)

Introduced By

Del. Dan Helmer (D-Fairfax Station)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Tax on fossil fuel investments by electric utilities. Imposes a tax on investor-owned electric utilities and electric cooperatives based on the amount that the utility invests in a year on fossil fuel infrastructure. The rate of the tax starts at 2.5 percent of the amount of a utility's fossil fuel investments in 2021 and increases in annual increments thereafter until reaching 100 percent in 2040 and thereafter. The measure directs that the revenue collected from the tax shall be deposited into the Clean Energy Development Fund and used to pay administrative costs of the Department of Mines, Minerals and Energy; reduce the electric utility bills of customers that opt to purchase electricity from renewable energy sources; invest in renewable electric energy generation sources in low-income communities; establish and fund block grants to enable community solar facilities and energy storage installation; and enable attainment of renewable portfolio standards based on regulations adopted by the Department. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20105000D
01/08/2020Referred to Committee on Finance
01/27/2020Impact statement from SCC (HB1295)
01/29/2020Assigned Finance sub: Subcommittee #1
01/31/2020Impact statement from SCC (HB1295)
02/11/2020Left in Finance

Comments

Ronald N Quasebarth writes:

If you want to destroy forests and more pass this bill. Where do you think those renewable energy sources will be placed, in areas where trees will be chopped down and wildlife put at peril. Please no more feel good energy solutions that don't work.

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