| (1) |
There is levied a fee per ton of carbon dioxide injected into a storage facility. |
Terms Used In Utah Code 40-11-22
- Board: means the Board of Oil, Gas, and Mining. See Utah Code 40-11-1
- Carbon dioxide: means carbon dioxide (CO2) that has been captured from an emission source or direct air capture, plus incidental associated substances derived from the source materials and the capture process, and any substances added to the carbon dioxide to enable or improve the injection process. See Utah Code 40-11-1
- Division: means the Division of Oil, Gas, and Mining. See Utah Code 40-11-1
- Geologic carbon storage: means the permanent or short-term underground storage of carbon dioxide in a storage reservoir. See Utah Code 40-11-1
- Storage facility: means the reservoir, underground equipment, and surface facilities and equipment used or proposed to be used in a geologic carbon storage operation. See Utah Code 40-11-1
| (2) |
The board shall establish the fee described in Subsection (1) in accordance with Section 63J-1-504, in an amount to pay the costs to the division of the long-term monitoring and management of a closed storage facility. |
| (3) |
Money the division collects as a result of the fee described in Subsection (1) shall be deposited in the Geologic Carbon Storage Facility Trust Fund created in Subsection (4). |
| (4) |
There is created an expendable special revenue fund known as the “Geologic Carbon Storage Facility Trust Fund.” |
| (5) |
The fund shall consist of the money specified in Subsections (1) through (3) and interest earned on the fund. |
| (6) |
The division shall only use the money deposited into the Geologic Carbon Storage Facility Trust Fund to:
| (a) |
defray the expenses the division incurs in the long-term monitoring and management of a closed storage facility; or |
| (b) |
to reimburse a regulatory agency with whom the board has entered into a cooperative agreement described in Section 40-11-18 for expenses the cooperating agency incurs in the long-term monitoring and management of a closed storage facility. |
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Enacted by Chapter 62, 2022 General Session
