This amendment modifies the stimulus amount calculation to adjust based on federal tax credit differentials between enhanced oil recovery and geological storage projects, adds reporting requirements, and renumbers subsection references.
- Replaces the previous Senate standing committee amendment language with new provisions that automatically adjust the stimulus amount in proportion to changes in the difference between the federal 26 U.S.C. 45Q tax credit for enhanced oil/natural gas recovery projects and the credit for secure geological storage. The stimulus becomes unavailable when the geological storage credit exceeds the recovery project credit by $15 or less, or when the geological storage credit is equal to or less than the recovery project credit. (Page 6, lines 2-26)
- Adds a reporting requirement for the department of revenue to report the amount of stimulus provided under the chapter, including any adjustments made under the new stimulus adjustment mechanism. (Page 9, lines 28-32)
- Adds a new provision requiring the state auditor to adjust fund transfers based on any adjustments made to the stimulus amount under the new adjustment mechanism. (Page 9, lines 34-38)
- Renumbers subsection references from (i) to (ii) and from (ii) to (iii) to accommodate the insertion of the new state auditor adjustment provision. (Page 9-10, lines 40-42, 7-8)
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