House Bill No. by Representative Robby Carter proposes the enactment of a new chapter in the Louisiana Revised Statutes, specifically Chapter 12 of Subtitle II of Title 47, which establishes an excise tax on the proceeds from the geologic storage of carbon dioxide. The bill levies a 30% excise tax on the gross proceeds of storage operators engaged in this activity within the state. This tax is in addition to any other state and local taxes applicable to the sales and income of the storage operators. The bill also outlines the definitions of key terms such as "carbon dioxide," "geologic storage," and "storage operator," which are aligned with existing definitions in the Louisiana Geologic Sequestration of Carbon Dioxide Act.

The enforcement of this tax will be managed by the Department of Revenue, which will collect and supervise the tax, penalties, and interest due under this chapter. Storage operators are required to report their tax obligations quarterly and make payments by the 20th day of the month following the end of each calendar quarter. The provisions of this act will apply to taxable periods beginning on or after July 1, 2025, and the act will become effective on that same date, or the day following legislative approval if vetoed by the governor.