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2024 Session

Budget Amendments - HB29 (Committee Approved)

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Regional Greenhouse Gas Initiative Proceeds (language only)

Item 114 #1h

Item 114 #1h
Commerce and Trade
Department of Housing and Community Development

Language

Set out Item 114.

Page 24, after line 53, insert:

"Q. Fifty percent of any proceeds generated by Virginia's sale of allowances in the Regional Greenhouse Gas Initiative auctions, including the auction held on December 6, 2023, excluding any funds directly appropriated by the General Assembly in any appropriations act from the Low-Income Energy Efficiency Program Fund (02017) and that are not otherwise already appropriated, shall be appropriated to the Department of Housing and Community Development for the Housing Innovations in Energy Efficiency program."

Explanation

(This amendment requires the appropriation of at least 50 percent of any proceeds generated by the sale of allowance in the Regional Greenhouse Gas Initiative (RGGI) to the Innovations in Energy Efficiency Program. Balances in this RGGI funded program are estimated at $127.0 million.)

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