House Sponsors: JONES,JOHN-PHELPS-WOOLARD. Senate Sponsors: O'DANIEL-WATSON-LUECHTEFELD Short description: ENERGY EDUC-MARKETING ACT Synopsis of Bill as introduced: Creates the Energy Education and Marketing Act. Provides the short title. 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, 1998. Last action on Bill: BILL DEAD-AMENDATORY VETO Last action date: 97-10-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status