2024 Tri-state Legislative and Regulatory Update

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.

About Schneider Downs Audit and Assurance Services

Schneider Downs’ engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.  

To learn more, visit our dedicated Audit and Assurance page.