This bill amends existing laws regarding the distribution of revenue from carbon dioxide sequestration on state property, specifically focusing on the management of funds collected from such activities. It introduces new provisions that clarify the handling of revenues generated from carbon dioxide storage beneath public lands and dried lake beds owned by the state. The bill specifies that revenues collected by the office of mineral resources must be forwarded to the state treasurer for deposit into the state treasury, with a portion allocated to local governing authorities and the Louisiana Wildlife and Fisheries Conservation Fund. Notably, it establishes that injection-based revenue collected on behalf of the Department of Wildlife and Fisheries will be distributed with 30% going to the relevant parish governing authority and the remainder to the Conservation Fund.

Additionally, the bill enacts new sections that outline the distribution of injection-based revenue for other state agencies, ensuring that similar revenue-sharing principles apply. It mandates monthly reporting of collections from injection operations and allows for the disclosure of relevant data to parish governing authorities upon request. The legislation also clarifies that it does not affect existing donations accepted by the state prior to a specified date and emphasizes that any future tax on carbon dioxide injection should not reduce the payments owed to local governing authorities under this act.

Statutes affected:
HB548 Original: 30:149(B), 30:2(B)
HB548 Engrossed: 30:149(B), 30:2(B)
HB548 Reengrossed: 30:149(B), 30:2(B)
HB548 Enrolled: 30:149(B), 30:2(B)
HB548 Act 508: 30:149(B), 30:2(B)