Here’s a look at the legislative update for the tri-state area through September 2024
Pennsylvania
Pennsylvania’s legislative session opened on January 2 and is set to adjourn on November 30. SB590 proposes to double the bonding requirements currently in place for unconventional wells. The amount due is based on well length and number of wells, and each tier has a cap. This bill would also require the Environmental Quality Board to adjust the amounts annually based on the Consumer Price Index for All Urban Consumers in Pennsylvania, New Jersey, Delaware and Maryland.
SB831, meanwhile, sets the parameters required of carbon dioxide injection and storage facilities. There are a number of requirements applicable to both surface owners and subsurface owners. It also establishes a fee to be paid to the state per ton of carbon dioxide injected for storage. Fifty years after the completion of the project, the state will issue a certificate of project completion and assume responsibility for the injected carbon dioxide. The bill was approved by Governor Shapiro on July 17.
West Virginia
West Virginia’s legislative session opened on January 10 and ended March 9. SB873 was passed and rendered effective June 7. The periodic installment on oil and gas severance tax that is greater than $1,000,000 is due and payable in monthly installments on or before the last day of the month following the month in which the tax accrued. The bill eliminates the June 30 installment due by June 15, now making the payment due June 30.
Ohio
Ohio had no legislative updates.
This update is based on legislative and regulatory information available at the time of publication and is not intended as legal, tax or accounting advice.
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