CONCORD – House Republican Leader Dick Hinch (R-Merrimack) issued a statement in advance of the public hearing on House Bill 735, relative to carbon pricing. According to the bill analysis, it establishes the required payment of a carbon pricing fee to be paid by vendors of carbon-based fuels based on their emissions factors. The bill has a public hearing scheduled for Wednesday, January 30th, at 1:30PM in Legislative Office Building Room 304. Over a 4 year period the plan would cost consumers over $2 billion.

“This bill would dramatically raise energy and fuel prices in New Hampshire, and have a significant negative impact on our state economy,” Rep. Dick Hinch stated. “This bill requires any vendor of carbon based fuels to pay a high fee that will get passed on to consumers. In the midst of snowy weather and ice-cold temperatures, can these Democrat legislators seriously be asking New Hampshire to pay hundreds of millions of dollars more per year to heat their homes, drive their cars, and run their businesses? Can they really be asking to raise the cost of every good or service in New Hampshire that relies on carbon based fuels? Even if seventy-five percent of the revenue is rebated, this is a high risk scheme that will crash our economy, and hit the wallets of every single resident.”

Background:

Bill text available here: http://gencourt.state.nh.us/bill_status/billText.aspx?sy=2019&id=815&txtFormat=pdf&v=current

If the plan were enacted, the Department of Environmental Services estimates revenue as follows:

Calendar Year Tons of CO2 Equiv. Fee Revenue

2020 15,000,000 $20.00 $300,000,000

2021 15,000,000 $30.75 $461,250,000

2022 15,000,000 $41.77 $626,550,000 2023 15,000,000 $53.05 $795,900,000