OIL AND GAS STORAGE REVENUE H.B. 5744 : FLOOR ANALYSIS
House Bill 5744 (as reported without amendment) Sponsor: Representative James M. Middaugh
House Committee: Conservation, Environment and Great Lakes Senate Committee: Natural Resources and Environmental Affairs
The bill would amend the Natural Resources and Environmental Protection Act to require that money received from a contract for the storage of gas or other mineral products in or on State lands be transmitted to the State Treasurer for deposit in the General Fund to be used to defray the expenses incurred in the administration of the Act and for other purposes provided by law. Currently, the Act requires that the money be deposited in the Natural Resources Trust Fund.
MCL 324.502 Legislative Analyst: L. Burghardt
The bill would have no net fiscal impact on State revenues. However, the bill reportedly would allow the use of approximately $45,000 in funds to administer the Act, which otherwise would be deposited into the Natural Resources Trust Fund for future use.
Date Completed: 5-14-96 Fiscal Analyst: G. Cutler
floor\hb5744
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.