The bill aims to revise laws related to the Petroleum Tank Release Compensation Board by establishing new procedures for the reimbursement of preventative measures taken by owners or operators of petroleum facilities. It introduces a new section that outlines specific preventive measures eligible for reimbursement, such as the removal of inactive tanks and upgrades to automatic tank gauges, with a reimbursement cap of $2,000 per facility every 1,000 days. Additionally, the bill amends existing sections to clarify the procedures for reimbursement of eligible costs and corrective action plans, including the discretion for meetings based on the expected costs of a release.

Key amendments include the board's authority to approve reimbursements for both eligible costs and preventative measures, as well as the requirement for owners or operators to document their expenses and submit claims in a specified manner. The bill also modifies the language regarding meetings related to releases, allowing for discretionary meetings based on cost thresholds. Furthermore, it establishes a delayed effective date of January 1, 2026, for the new provisions, ensuring that stakeholders have time to prepare for the changes.

Statutes affected:
LC Text: 75-11-309, 75-11-313, 75-11-318
SB0315_1(1): 75-11-309, 75-11-313, 75-11-318
SB0315_1: 75-11-309, 75-11-313, 75-11-318