The bill amends the Petroleum Storage Tank Trust Fund Act to increase the maximum amount of payment for corrective action related to petroleum storage tank incidents. Specifically, it modifies the interim payment cap from $1,500,000 to $2,000,000, allowing for a more substantial financial support for corrective actions needed to address environmental issues arising from petroleum leaks or spills.

Additionally, the bill stipulates that interim payments will cover up to 90% of the new maximum amount, with the remaining 10% being contingent upon the completion of the corrective action. This change aims to enhance the effectiveness of the trust fund in managing and mitigating the impacts of petroleum storage tank failures.

Statutes affected:
HB 1383: 8-7-907(e)
Act 148: 8-7-907(e)