Committee | ENVIRONMENTAL RESOURCES AND ENERGY | Date | June 21, 2010 |
Bill/Resolution | HB1489 PN2241 A07833 | Type of Motion | Adopt Amendment |
Maker of Motion | Rep. Santarsiero | Seconded by | Rep. Carroll |
Brief Description |
Sets the minimum severance tax rate at 35 cents per MCF which is adjusted annually based upon the average price of gas at the Henry Hub as traded on the NYMEX commodity Exchange. Establishes three accounts: Natural Gas Severance Account; Local Government Services Account; and, Oil and Gas Environmental Disaster Recovery Account. Sets aside $75 million the first year transferred to the General fund. The remainder is transferred as follows: 50% to the General Fund; 15% to the Environmental Stewardship Fund; 20% to the Local Government Services Account; 2% to the Hazardous Sites Cleanup Fund; 3% to the Conservation District Fund; 2% to the Game Commission; 3% to the Fish and Boat Commission; 2% to LIHEAP; 2% to the Oil and Gas Environmental Disaster Recovery Account; 1% for low-dam removal, repair and restoration projects managed by DEP. Creates a $2,500 tax credit to natural gas production-related companies that create jobs for Pennsylvania residents. The department must provide an annual report on the job creation tax credit, and must publish notice of the tax credit on the internet and notify the Department of Labor and Industry Workforce Investment Board.
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Majority Members
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YEAS: | 18 |
NAYS: | 8 |
NV: | 0 |
Result: | Passed |