The bill amends and reenacts specific provisions of the Motor Fuels Underground Storage Tank Trust Dedicated Fund Account, specifically R.S. 30:2195.2(A)(5) and (6). Key changes include the introduction of new time limits for grant applications, with applicants required to complete upgrades or improvements within three years of program approval. The maximum grant or loan amount has been adjusted to not exceed $300,000 for a single application, while the total amount awarded for grants and loans in a fiscal year is capped at 75% of the unobligated balance of the interest account of the Tank Trust Account. Additionally, the bill establishes new rules for ownership disclosure and limits participation to once per fiscal year for each owner of an underground storage tank project facility.

Furthermore, the bill sets specific application periods for grants and loans, with a maximum of twenty grants or loans awarded per application period and forty per fiscal year. The provisions of this Act will apply to sites that receive approval on or after July 1, 2026, and it will become effective on that date, or the day following legislative approval if vetoed by the governor. The secretary of the Department of Environmental Quality is tasked with promulgating rules and regulations to implement these changes, including the application process and procedures for inspections and reimbursements.

Statutes affected:
SB505 Original: 30:2(A)(5)
SB505 Engrossed: 30:2(A)(5)
SB505 Reengrossed: 30:2(A)(5)
SB505 Enrolled: 30:2(A)(5)
SB505 Act 524: 30:2(A)(5)