The bill amends the Natural Resources and Environmental Protection Act by updating Section 61524, which pertains to the fee levied on oil and gas production in Michigan. The key changes include increasing the maximum fee from 1% to 2% of the gross cash market value of oil and gas produced in the state. Additionally, the bill specifies that the fee must be collected by the Department of Treasury in accordance with the same provisions as the tax levied by 1929 PA 48.

Furthermore, the bill outlines the process for determining the fee, which includes annual certifications and estimates by the Department of Technology, Management, and Budget. It establishes that if the fund balance is below $7 million, the fee will be set at 2% to help accumulate the fund, while if the balance is above that threshold, the fee will be calculated based on the ratio of the appropriation to the estimated total gross cash market value of oil and gas production. The bill also mandates that any excess funds over $7 million must be deducted from the following year's appropriation for fee calculations.

Statutes affected:
Senate Introduced Bill: 324.61524