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Bill

HB 1383

TO AMEND THE PETROLEUM STORAGE TANK TRUST FUND ACT; AND TO MODIFY THE AMOUNT OF THE PAYMENT FOR CORRECTIVE ACTION.

2025 Regular Session Introduced by Justin Boyd and 1 co-sponsor

Act 148 boosts interim payments for petroleum tank leaks from $1.5M to $2M, aiding owners and improving environmental safety through better funding for corrective actions.

Notification that HB1383 is now Act 148
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WeVote Research Nonpartisan
Bill Summary · HB 1383

Summary of House Bill 1383 (Act 148)

Purpose and Intent

House Bill 1383, now known as Act 148, aims to amend the Petroleum Storage Tank Trust Fund Act in Arkansas. The primary focus of this legislation is to modify the financial provisions related to payments for corrective actions necessitated by petroleum storage tank leaks or spills.

Key Provisions

The bill introduces significant changes to the payment structure for corrective actions under the Petroleum Storage Tank Trust Fund Act:

  • Interim Payments:

    • The maximum amount for interim payments has been increased from $1,500,000 to $2,000,000. This means that up to 90% of this new amount can be paid out as interim assistance for corrective actions.

  • Final Payment Release:

    • The remaining 10% of the total payment will only be released upon the completion of the corrective action process. This ensures that funds are allocated effectively and that the corrective actions are fully completed before final payments are disbursed.

Affected Parties

The changes introduced by HB 1383 will primarily impact:

  • Petroleum Storage Tank Owners: Owners of storage tanks who are responsible for corrective actions due to leaks or spills will benefit from increased financial support.
  • Environmental Agencies: Agencies involved in monitoring and enforcing environmental safety standards will have clearer guidelines regarding funding for corrective actions.
  • Local Communities: Communities affected by petroleum leaks may see improved environmental conditions as a result of more robust funding for necessary corrective actions.

Legislative Timeline

  • Introduced: February 3, 2025
  • Passed by House: February 10, 2025
  • Passed by Senate: February 19, 2025
  • Enrolled and Transmitted to Governor: February 20, 2025
  • Notification of Act: February 25, 2025

The bill moved swiftly through the legislative process, indicating a strong consensus on the need for enhanced funding mechanisms for corrective actions related to petroleum storage tanks.

Conclusion

House Bill 1383 (Act 148) represents a significant update to the financial provisions of the Petroleum Storage Tank Trust Fund Act, enhancing the support available for corrective actions. By increasing interim payment limits and tying final payments to the completion of corrective actions, the legislation aims to ensure that environmental safety is prioritized while providing necessary financial assistance to tank owners.

Compiled from official sources — confirm details with the bill’s official record.

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