SECTION 1. Chapter 90 of the General Laws is hereby amended by inserting after section 32E7/8 the following section:-

Section 32E15/16. There shall be a renewable energy surcharge of $2 imposed upon each vehicular rental transaction contract in the commonwealth. The surcharge shall be in accordance with section 32E¾ and shall be deposited in the Renewable Energy Trust Fund established in section 9 of chapter 23J; provided, however, that not more than $10,000,000 collected from the surcharge in a calendar year shall be deposited into the fund; and provided further, that any amount collected from the surcharge above $10,000,000 in a calendar year shall be deposited into the General Fund. The surcharge shall not apply to transportation network companies or to rental periods of less than 12 hours that are charged on an hourly basis. The surcharge also shall not apply to vehicular rental transaction contracts for electric or hybrid vehicles.