90th General Assembly
Summary of HB0998
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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,        

   Last action date: 97-10-30

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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