90th General Assembly
Summary of HB2430
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Short description: 
PETROL EDUCATION-MARKETING ACT                                             

Synopsis of Bill as introduced:
        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  year  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.  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.    Effective  July  1,      
        SENATE AMENDMENT NO. 1.                                                
        Eliminates the power to approve and disapprove the investment  of      
   moneys  in  the  Petroleum  Resources  Revolving Fund from the list of      
   powers and duties of the Illinois Petroleum Resources Board.                
Last action on Bill: PUBLIC ACT.............................. 90-0614

   Last action date: 98-07-10

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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