This bill amends the Code of West Virginia to establish new regulations regarding the Oil and Gas Abandoned Well Plugging Fund. It limits the unencumbered balance of the fund to $6 million, requiring that any amount exceeding this threshold be encumbered through binding contracts for the plugging of specific wells within a 12-month period. Additionally, the bill caps the total fund balance at $9 million and mandates the Department of Environmental Protection to publish an annual report detailing the fund's revenue, balance, wells plugged, average costs, and funds under contract.

Key changes include the deletion of a provision that allowed for a tax reduction if the fund balance exceeded $6 million on June 1 of any year, replacing it with a new provision that sets the relevant date to September 30. The bill also introduces a requirement for the Tax Commissioner to issue an Administrative Notice regarding the fund balance and tax rate within 30 days of determining the fund's status. Furthermore, it stipulates that the fund may only exceed $6 million if all excess funds are committed to contracts for well plugging, ensuring accountability and transparency in the management of the fund.

Statutes affected:
Introduced Version: 11-13A-3a
Committee Substitute: 11-13A-3a
Engrossed Committee Substitute: 11-13A-3a