ENERGY EDUC-MARKETING ACT
Synopsis of Bill as introduced:
Creates the Energy Education and Marketing Act. Provides the
HOUSE AMENDMENT NO. 1.
Deletes everything. Creates the Illinois Petroleum Education and
Marketing Act and the Illinois Petroleum Resources Board. Repeals the
Board on July 1, 2002. Provides that the Board shall consist of 12
members appointed by the Governor. Sets out the powers and duties of
the Board. Creates the Petroleum Resources Revolving Fund, a
continuing fund not subject to fiscal years limitations. Allows the
Board to levy an assessment equal to one-tenth of 1% of the gross
revenues of oil and gas produced from each well in the State. Requires
the assessment to be deducted from the proceeds of production by the
first purchaser and remitted to the Department of Revenue. Sets out
the procedures for requesting a refund. Allows the Board to invest
funds collected through the assessments. Provides that this Act does
not preempt or supersede other State or national programs. Makes
other changes. Effective October 1, 1997.
SENATE AMENDMENT NO. 1.
Adds reference to:
5 ILCS 80/4.18 new
30 ILCS 105/5.449 new
Amends the State Finance Act to add the Petroleum Resources
Revolving Fund. Amends the Regulatory Agency Sunset Act to repeal the
Illinois Petroleum Education and Marketing Act on January 1, 2008.
Makes a technical change.
GOVERNOR'S AMENDATORY VETO MESSAGE
Recommends procedural changes in the manner of collection and
remittance to the Department of Revenue of assessments levied on oil
and gas well production. Further recommends the deletion of language
granting the Illinois Petroleum Resources Board the authority to
invest moneys deposited into the Petroleum Resources Revolving Fund.
Suggests changing the effective date from October 1, 1997 to July 1,
Last action on Bill: BILL DEAD-AMENDATORY VETO
Last action date: 97-10-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status