Here’s who would be forced to pay up if the proposed law passes:

“Specifically, the bill would apply to fossil fuel companies that fall under the definition of ‘responsible party’ established in the bill, namely an entity or a successor in interest to an entity that was engaged in the trade or business of extracting fossil fuel or refining crude oil and is determined by the DEP to be responsible for more than one billion metric tons of greenhouse gas emissions between January 1, 1995 (the year on which the first United Nations Conference of Parties climate change conference was held) and the last day of the calendar year on which the bill takes effect.”

The money collected from companies in violation of the law would be earmarked for flood protection, stormwater and sewage system upgrades, extreme weather preparation, health care related to climate change, upgrades to the electrical grid and energy-efficiency projects, among other uses.

The bill is currently sponsored by 43 assembly members and 19 senators – including several who called for action at this week’s rally.

“Right now, New Jersey families are covering the full cost of the climate crisis through higher property taxes, rising insurance premiums and utility bills that keep going up – that’s more than $11,000 per person statewide,” Assemblywoman Alixon Collazos-Gill said.

“Not one dollar of that comes from the corporations responsible,” said Collazos-Gill, one of the bill’s prime sponsors.

“We pay for every storm, every flood, every washed-out road – and they don’t,” she added.

Another of the bill’s prime sponsors, Sen. John McKeon, said the proposed law would be a huge boost for the state’s flagging budget, which is still being hammered out.

“This is one of the largest available revenue options to reduce costs on taxpayers and ratepayers despite Big Oil’s protests to the contrary,” McKeon said.

Other lawmakers who spoke in support of the bill include Sens. Bob Smith and Raj Mukherji, and Assembly members Sterley Stanley, Linda Carter and Jerry Walker.

PRO-BUSINESS GROUPS PUSH BACK

Gov. Sherrill’s first state budget proposal includes a plan to scale back corporate tax breaks – which has stirred up opposition from some business advocacy groups.

Two pro-business advocates – Michele Siekerka of the New Jersey Business & Industry Association, and Christina Renna of the Chamber of Commerce of Southern New Jersey – recently argued against the Climate Superfund Act in an op-ed posted to NJ Spotlight News.

According to Siekerka and Renna, the bill – which stalled during the lame duck session under former Gov. Phil Murphy – is an “unfair, misguided and likely unconstitutional cash grab.”

“You likely have heard how the Climate Superfund Act seeks retroactive $50 billion penalties of New Jersey petroleum companies for their relatively minimal role in global carbon emissions,” their op-ed said.

“These fossil fuel companies have legally provided a resource that’s essential to our survival and prosperity – even our national security,” the op-ed continued.

They also claimed the Climate Superfund Act would have much less impact than advocates say.

“New Jersey contributes just 1.7 percent of the United States’ greenhouse gas emissions and only 0.3 percent of those worldwide,” Siekerka and Renna wrote. “Yet, it would still impose penalties based on worldwide emissions – despite the minor contributions coming from the Garden State.”

• Related: NJ Faces $3B Budget Crunch; Some Want 'Billionaire Tax' – Others Demand Cuts
• Related: Business Fees In Sherrill’s First Budget Raise Concerns

‘MAKE A MESS, CLEAN IT UP’

Environmental activists say they aren’t giving up the fight to get the revamped Polluters Pay to Make NJ More Affordable Act across the finish line – hopefully before budget season is over.

“New Jersey families are paying the price for decades of corporate pollution, while the oil and gas companies responsible are making record profits,” said Matt Smith, New Jersey state director at Food & Water Watch.

“As they negotiate next year's budget, Gov. Sherrill and legislative leaders have a simple choice: make polluters pay, or make the rest of us keep footing the bill,” Smith added.

“As kids we are told, you make a mess, you clean it up,” said Amy Goldsmith, New Jersey state director at Clean Water Action.

“The same goes for the fossil fuel industry,” Goldsmith urged.

Other groups that are supporting the bill include League Of Women Voters of New Jersey, Climate Revolution Action Network, and Environment New Jersey.