HB5398 SFAT Rose 3-12

Kraus  7502

Senator Rose moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 5398—A Bill amend and reenact §11-13-2r, §11-13A-3a, §22-11B-2, §22-11B-4, and §22-11B-5 of the Code of West Virginia, 1931, as amended, all relating to natural resource development; taxes on certain natural resources; modifying certain dates and deposits regarding oil and gas well plugging; limiting the unencumbered balance of the Oil and Gas Abandoned Well Plugging Fund; requiring that amounts in excess of $6 million be encumbered pursuant to binding contracts to plug specific wells within 12 months; requiring the Department of Environmental Protection to publish an annual report detailing fund revenue, balance, wells plugged, average cost, and funds under contract; capping the fund at $9 million; allowing for receipt of federal moneys for abandoned well plugging; increasing a certain tax on certain coal-fired generating units; modifying the computation of the taxable generating capacity of coal-fired generating units in operation before January 1, 1995; increasing the tax on the privilege of generating electricity from coal-fired generating units in operation before January 1, 1995, to 100 percent of the official capability of the generating unit for any coal-fired generating unit that is regulated entirely by another state; setting a beginning date of July 1, 2026, for the modified computation and increased tax; and protecting mineral development from certain carbon capture practices.

Adopted

Rejected