In November, Color Penfield Green joined over 95 organizations across the state asking Governor Hochul to eliminate over $330 Million in nonessential subsidies to the fossil fuel industry in her executive budget.
Here is the full text of the letter:
Honorable Kathy Hochul Governor of New York State Executive Chamber New York State Capitol Albany, New York 12224 Dear Governor Hochul: Thank you for your many bold, decisive actions in leading New York toward a carbon-free future. The undersigned organizations are writing to urge you to continue your ambitious climate agenda by eliminating over $330 million in nonessential subsidies to the fossil fuel industry in your executive budget. The Fossil Fuel Subsidy Elimination Act (S.7438, Krueger/A. # pending, Cahill) signals—both symbolically and literally—New York State’s opposition to fossil fuel development and its support for a climate-healthy future. The Act would eliminate many of the most egregious fossil fuel subsidies from the NYS Tax Code. For example, it would: - End $118 million in Sales and Use Tax exemptions for airline fuels; - Halt $89 million in Sales and Use Tax exemptions for fossil fuels used in research and development and -- production of tangible personal property in the fossil fuel industry; - Abolish $65 million in Petroleum Business Tax exemptions for liquid petroleum gases such as butane, ethane (used in making plastics), and propane; and - Stop $4 million in Sales and Use Tax exemptions for operating fracked gas infrastructure. In addition, this bill would limit tax subsidies to fossil fuel-related businesses as part of several economic development programs, specifically the Excelsior Jobs Program, START-UP NY, Investment Tax Credit, Brownfield Redevelopment Tax Credit, Rehabilitation of Historic Properties Tax Credit, qualified emerging technology tax credits, and special tax benefits for qualified New York manufacturers. Importantly, the bill preserves tax exemptions that help the public, including a home-heating credit that benefits low- to moderate-income households, as well as an agricultural exemption that helps small- to mid-sized farmers. The fossil fuel industry has brought the world to the precipice of environmental disaster, externalizing the costs of their damage while also being granted government subsidies. It is time for this destructive practice to end. Tax exemptions should be reserved for businesses that provide clear public benefits, and should not be provided to the world’s wealthiest industry that has caused immeasurable harm. Ending fossil fuel subsidies has widespread popular support. What’s more, it aligns our state’s tax code with our nation-leading Climate Leadership and Community Protection Act, putting New York on track toward a sustainable future. We urge you to support the Fossil Fuel Subsidy Elimination Act and put an end to over $330 million in tax exemptions to the fossil fuel industry. We look forward to working with you this budget season.
Comments