HB1450 - Arkansas Carbon Dioxide Storage Act

• Establishes a regulatory framework under the Oil and Gas Commission for the transportation and underground storage of carbon dioxide in Arkansas, including issuance of certificates of public convenience and necessity and operating permits.

• Transfers ownership of storage facilities and stored carbon dioxide to the state upon issuance of a certificate of completion of injection operations, with the state assuming long-term monitoring and liability responsibilities.

• Creates two trust funds: the Carbon Dioxide Storage Facility Trust Fund (for long-term monitoring and caretaking) and the Carbon Dioxide Storage Administration Trust Fund (for administrative and enforcement expenses), funded by per-ton fees on injected carbon dioxide.

• Releases storage operators, pipeline operators, carbon dioxide generators, and facility owners from liability after project completion, except for cases involving knowingly false statements or misrepresentation of material facts; the state retains sovereign immunity but may pay public liability claims up to insurance policy limits plus the operator's contributed trust fund amount.

• Allows storage operators and pipeline operators to exercise eminent domain to acquire necessary surface and subsurface rights, and permits cooperative agreements with other states for regulating cross-border carbon dioxide storage projects.