Fossil fuel investments; tax on electric utilities.

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 fossilfuel infrastructure. The rate of the tax starts at 2.5 percent ofthe amount of a utility's fossil fuel investments in 2021 and increasesin annual increments thereafter until reaching 100 percent in 2040and thereafter. The measure directs that the revenue collected fromthe tax shall be deposited into the Clean Energy Development Fundand used to pay administrative costs of the Department of Mines, Minerals and Energy; reduce the electric utility bills of customers that optto purchase electricity from renewable energy sources; invest inrenewable electric energy generation sources in low-income communities;establish and fund block grants to enable community solar facilitiesand energy storage installation; and enable attainment of renewableportfolio standards based on regulations adopted by the Department.