This bill amends the Code of West Virginia to modify the provisions related to the Oil and Gas Well Plugging Fund, specifically concerning the conditions under which the oil and gas severance tax can be deposited into the fund. It establishes that if the fund has not more than $6 million in unencumbered funds by September 30 of each year, the special rate of tax imposed on oil and gas production will be reduced to zero for the following taxable year. The bill also specifies that the Tax Commissioner must issue an Administrative Notice within 30 days of determining the fund's balance as of September 30, which will inform the rate of tax applicable to wells.

Additionally, the bill updates the timeline for assessing the fund's balance by changing the previous June 1 deadline to September 30, and it introduces new language regarding the conditions under which federal moneys for abandoned well plugging can be received. The amendments aim to ensure that the Oil and Gas Abandoned Well Plugging Fund is adequately supported while providing clarity on tax rates and fund management.

Statutes affected:
Introduced Version: 11-13A-3a