The bill amends the Natural Resources and Environmental Protection Act, focusing on the management of underground storage tanks and the refined petroleum fund. It introduces new definitions, such as "closure," "confirmed release," and "federally recognized tribe," while clarifying existing terms like "approved claim." A significant change is the establishment of a claim limit of $1,000,000 per claim and an aggregate limit of $2,000,000 for all claims within a claim period. The bill also ensures that funds allocated for corrective actions and inspection programs do not lapse at the end of the fiscal year, thereby securing ongoing financial resources for environmental protection.

Additionally, the bill modifies eligibility criteria for financial assistance related to confirmed releases, requiring claims to be filed within 24 months and introducing a tiered deductible structure. It streamlines the reimbursement process by changing the timeline for determinations and specifying ineligible costs. The bill also addresses indemnification requests, requiring attorney general approval for claims related to accidental releases, and establishes a legacy release program for historic releases. Furthermore, it enhances the authority's governance structure, imposes stricter penalties for fraudulent activities, and allows for civil fines for noncompliance with subpoenas, with a specific distribution of those fines. Overall, these amendments aim to improve accountability and efficiency in managing underground storage tank systems and related funding.