This bill amends the Oil and Gas Reclamation Fund by increasing the tax distribution to the fund as outlined in the Oil and Gas Conservation Tax Act. The new distribution percentages will be phased in over several years, starting with 50% from July 1, 2027, increasing to 75% in 2028, and reaching 100% from July 1, 2029, until July 1, 2037, after which it will revert to 50%. Additionally, the bill establishes the fund as a non-reverting fund in the state treasury, allowing it to receive various sources of revenue, including distributions, appropriations, gifts, grants, and donations.

The bill also revises how the funds can be utilized, allowing for expenditures on surveying abandoned wells, preparing plans for their plugging, and supporting statewide energy education initiatives. The annual funding for energy education will increase to $250,000 starting July 1, 2028. Furthermore, the administration of the fund will be managed by the director of the division responsible for oil and gas reclamation, who will also be tasked with making annual reports on the fund's usage. The effective date for these provisions is set for July 1, 2027.

Statutes affected:
introduced version: 7-1-6.21, 70-2-37, 70-2-38
EN substitute: 7-1-6.21, 70-2-37, 70-2-38