Establishes a tax on carbon-based fuels

S 1528 establishes a tax on carbon-based fuels like coal, natural gas, and petroleum, imposed on fuel distributors and utilities based on carbon dioxide emissions. The tax starts at $35 per ton of carbon dioxide equivalent and increases by $15 annually to a maximum of $185 per ton. Revenue from the tax funds a dedicated "Carbon Dioxide Emissions Fund," with 60% returned as tax credits to low-to-moderate income residents (below 115% of area median income) and 40% allocated to clean energy transition, mass transit, and climate adaptation projects. The bill requires annual reporting by distributors and utilities and mandates public reporting on tax adjustments to address inflation and climate goals.