SF0017

Creates an enhanced oil recovery stimulus program that provides $10 per ton of carbon dioxide to entities that capture and use CO2 in Wyoming oil and gas recovery operations.

• Establishes definitions for the stimulus program, including carbon dioxide provider, carbon capture utilization and storage technology, and enhanced oil and gas recovery. (W.S. 9-25-101)
• Allows carbon dioxide providers to apply for a stimulus if they capture CO2 using approved technology, deliver it for enhanced oil and gas recovery in Wyoming, and qualify for the federal 45Q tax credit for carbon sequestration. (W.S. 9-25-102(a))
• Sets the stimulus payment at $10 per ton of carbon dioxide that is sold or delivered for use in enhanced oil and gas recovery and stored through that production. (W.S. 9-25-102(b))
• Limits stimulus availability to the period during which a carbon dioxide provider qualifies for the federal 45Q tax credit, and makes stimulus payments subject to available funds in the dedicated account with prorated payments if insufficient funds exist. (W.S. 9-25-102(c), W.S. 9-25-102(d))
• Assigns the Wyoming Energy Authority to administer the stimulus program, verify applicant qualifications, and promulgate implementing rules. (W.S. 9-25-103(a))
• Requires the Wyoming Energy Authority to report eligible providers to the governor and state auditor, who then disburses stimulus funds, and mandates annual reporting to legislative committees on stimulus payments and revenue impacts. (W.S. 9-25-103(b), W.S. 9-25-103(c))
• Creates the enhanced oil recovery stimulus account with continuously appropriated funds to pay stimulus benefits, and provides that unused funds revert to the legislative stabilization reserve account on July 1, 2034. (W.S. 9-25-104(a), W.S. 9-25-104(b))
• Requires the Department of Revenue to report annually on severance tax revenues from enhanced oil and gas recovery production using captured carbon dioxide, and directs the state auditor to transfer those revenues first to the stimulus account (up to $10 million) and then to the legislative stabilization reserve account.