House Bill No. by Representative McCormick aims to dedicate severance tax revenue from oil and gas produced by certified stripper wells in the Caddo Pine Island Field to the Oilfield Site Restoration Fund. The bill amends existing law to require that 100% of the recurring severance tax revenues collected from these wells, which would typically go to the state general fund, be deposited into the restoration fund. Additionally, it specifies that these funds are to be used exclusively for oilfield site restoration and the plugging of orphan wells in the Caddo Pine Island Field.

The bill also makes provisions regarding the use of the funds and the issuance of bonds. It exempts the severance tax revenues deposited into the Oilfield Site Restoration Fund from being pledged for bond issuance, ensuring that these funds are reserved solely for their intended purpose. The effective date for this legislation is set for July 1, 2026, or upon the lapse of time for gubernatorial action.

Statutes affected:
HB252 Original: 30:1(A)(2), 30:86(E)