Senate Bill No. 505, introduced by Senator Cathey, amends the Motor Fuels Underground Storage Tank Trust Dedicated Fund Account to establish new regulations regarding grants and loans for upgrades and improvements to underground storage tank sites. The bill mandates that applicants complete their upgrades or improvements within three fiscal years of approval. It also revises the financial limits on grants and loans, increasing the maximum amount for a single grant or loan from $150,000 to $300,000, while raising the total annual cap from $3 million to $6 million. Additionally, the bill maintains the existing limit of one grant or loan per applicant per year, but specifies that applicants must be the owners of the facility where the project will take place and must disclose their ownership structure.

Furthermore, the bill introduces new application periods for grants and loans, allowing submissions from January 1 to March 31 and from July 1 to September 30 each year. The board will also determine the maximum number of grants and loans awarded, capping it at 15 per application period and 40 per year. 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 claiming reimbursements. The proposed changes are set to take effect on August 1, 2026.

Statutes affected:
SB505 Original: 30:2(A)(5)