MI HB4940

Modifies the Underground Storage Tank Cleanup Fund by increasing the administrative cost cap from 7% to 12% of projected revenues and restructuring deductible amounts to $2,000 for a first claim, $10,000 for a second claim, and $20,000 for third or subsequent claims at a facility

Establishes a $1,000,000 claim limit per claim and a $2,000,000 claim period aggregate limit for all claims approved for a claimant or affiliate during a claim period (October 1 through September 30)

Requires confirmed releases to be reported within 24 hours and claims to be filed within 24 months of reporting, with work invoices submitted within 365 days after completion of services

Expands eligibility to include federally recognized tribes with underground storage tanks in compliance with federal registration and financial responsibility requirements

Adds detailed list of ineligible costs for reimbursement including punitive damages, litigation costs, administrative costs, insurance premiums, and corrective actions exceeding what is necessary for restricted closure, while also setting a 180-day deadline for legacy release program work invoice submissions