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WV HB5398

Bill

Official Source

Status

Engrossed

3/4/2026

Primary Sponsor

William Anderson

Click for details

Origin

House of Delegates

2026 Regular Session

AI Summary

  • Changes the annual review date for the Oil and Gas Abandoned Well Plugging Fund balance from June 1 to September 30, beginning in 2026
  • Modifies the $6 million threshold to apply only to unencumbered funds (money not already committed by the Office of Oil and Gas) rather than the total fund balance
  • Requires the Tax Commissioner to issue an Administrative Notice within 30 days of determining the fund balance, rather than by a fixed July 1 deadline
  • Reduces the special 2.5% severance tax rate on lower-producing wells to zero for the following tax year if the fund reaches $6 million in unencumbered funds by September 30
  • Maintains existing severance tax structure: 5% on high-producing wells, 2.5% on moderate-producing conventional wells, with exemptions for very low-producing wells

Legislative Description

Relating to dates and deposits for Oil and Gas Well Plugging

Natural Resources

Last Action

Communicated to Senate

3/14/2026

Committee Referrals

Energy, Industry and Mining3/5/2026
Finance2/17/2026
Energy and Public Works2/10/2026

Full Bill Text

No bill text available