Motor Fuel Tax Code; repealer; reduction in federal excise tax on gasoline or diesel fuel; emergency.

Summary

The bill establishes a standing "Corporation Commission Plugging Fund" in the state treasury that can be used to address seeping natural gas and other emergency environmental situations. It changes the percentages of oil, natural‑gas and casing‑head‑gas excise taxes that go to the General Revenue Fund, the new Plugging Fund, and the Interstate Oil Compact Fund, and sets a $10 million annual cap on the amount that can be directed to the Plugging Fund after July 1 2026. The measure takes effect July 1 2025 and is declared an emergency, so it becomes law immediately upon the governor’s signature.

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