FISCAL NOTE
Date Requested: January 12, 2023
Time Requested: 08:08 PM |
| Agency: |
Natural Resources, WV Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2746 |
Introduced |
SB162 |
|
|---|
| CBD Subject: |
Natural Resources |
|---|
|
FUND(S):
Special
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of the bill is to authorize the Director of the Division of Natural Resources to lease and develop pore spaces underlying lands under their control for carbon sequestration excluding state parks.
Due to carbon sequestration utilizing this technique being an emerging market, an estimate of the potential revenue generated from the lease of these pore spaces cannot be completed at this time. There is no established market for pore space so the current estimate is that this legislation will have no fiscal impact on the agency.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
n/a
Memorandum
The ability of the Division to enter into leases on Wildlife Management Areas purchased with hunting and fishing license monies may be reduced due to potential issues associated with any surface developments for these carbon sequestration projects interfering with hunting and/or fishing opportunities.
For additional information concerning this fiscal note, please contact:
Zack Brown 304-352-5126
Zack.J.Brown@wv.gov
Person submitting Fiscal Note: Amanda Morris
Email Address: amanda.l.morris@wv.gov