Provisions of this bill replace the collection of the one-half cent per gallon surcharge on petroleum sold by wholesalers, to a voluntary one-half cent per gallon environmental assurance fee on petroleum delivered to any tank participating in the program. It is estimated that the new fee will create revenue to the Petroleum Storage Tank Trust Fund at approximately the same level as the current surcharge. The bill also creates a new General Fund Restricted - Petroleum Storage Tank Account that replaces the General Fund Restricted - Underground Storage Tank Account. In addition, the bill allows a dedicated credit of $1,000 to be paid by a tank owner for each tank that is taken off the program. It is estimated that these collections, if any, will offset any expenditures required to complete this process. An appropriation of $50,000 from the new General Fund Restricted - Petroleum Storage Tank Account would offset a negative appropriation of ($50,000) from the General Fund Restricted Account - Underground Storage Tank Account. It is estimated that a nonlapsing appropriation of $90,000 from the Petroleum Storage Tank Trust Fund in FY 97 will be required to enact provisions of the bill.

Office of the Legislative Fiscal Analyst

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