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ID H0655

Bill

Official Source

Status

Introduced

3/10/2010

Primary Sponsor

Unknown

Origin

House of Representatives

2010 Regular Session

AI Summary

  • Establishes annual rental of not less than 25 cents per acre for geothermal resource leases, payable in advance
  • Sets royalty rate of not more than 1.75% for the first 10 years of production and 3.5% thereafter
  • Applies royalties to the amount or value of geothermal resources, heat, or energy derived from production and sold or utilized by the lessee
  • Exempts heat or energy consumed by the lessee in production operations from royalty payments
  • Allows the state board of land commissioners to fix rental and royalty amounts through competitive bidding or formula to maximize public benefits

Legislative Description

Amends existing law relating to geothermal resources to revise provisions relating to royalties associated with geothermal resource leases.

GEOTHERMAL RESOURCES

Last Action

to Env

3/11/2010

Committee Referrals

Environment, Energy and Technology3/11/2010

Full Bill Text

No bill text available