Dedicates severance tax revenue from oil and gas produced from certain stripper wells in the Caddo Pine Island Field to the Oilfield Site Restoration.
Louisiana HB252 dedicates severance tax revenue from oil and gas produced from certain stripper wells in the Caddo Pine Island Field to the Oilfield Site Restoration Fund. The bill mandates that 100% of the severance tax revenues from these wells, which would otherwise go to the state general fund, be deposited into the fund. The funds in the Oilfield Site Restoration Fund are to be used exclusively for oilfield site restoration and plugging of orphan wells in the Caddo Pine Island Field. The bill exempts these severance taxes from being pledged for bond issuance.
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