VirginiaExtreme Weather Taxpayer Protection Program and Fund; established.
What it does
Extreme Weather Taxpayer Protection Program and Fund established. Establishes the Extreme Weather Taxpayer Protection Program and Fund, administered by the Department of Conservation and Recreation, for the purpose of holding parties responsible for covered greenhouse gas emissions between the covered period of January 1, 1995, and December 31, 2025, for the parties' share of the Commonwealth's costs due to climate change. The bill defines responsible parties as fossil fuel extractors or crude oil refiners causing emissions of one billion metric tons or more of covered greenhouse gases during the covered period.
More detail
Under the bill, responsible parties are strictly liable for cost recovery payments to the Commonwealth. The bill requires the State Treasurer to conduct an assessment of the costs to the Commonwealth and its residents of the emissions of covered greenhouse gases during the covered period. The bill establishes the Extreme Weather Relief Fund into which the cost recovery payments from responsible entities are deposited and used to pay for extreme weather relief projects, as defined in the bill.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 3Failed to report (defeated) in Agriculture, Conservation and Natural Resources (6-Y 8-N)Latest
- Vote recorded Reported from Agriculture, Conservation and Natural Resources. Result: fail.Upper
- Jan 28Fiscal Impact Statement from Department of Planning and Budget (SB420)
- Jan 13Referred to Committee on Agriculture, Conservation and Natural ResourcesMinor
- Jan 13Prefiled and ordered printed; Offered 01-14-2026 26100771DIntroduced
- Feb 3Failed to report (defeated) in Agriculture, Conservation and Natural Resources (6-Y 8-N)Latest