Section 22 – Fees — Geologic Carbon Storage Facility Trust Fund.

• (1) There is levied a fee per ton of carbon dioxide injected into a storage facility.

• (2) The board shall establish the fee described in Subsection (1) in accordance with Section 63J-1-504, in an amount to pay the costs to the division of the long-term monitoring and management of a closed storage facility.

• (3) Money the division collects as a result of the fee described in Subsection (1) shall be deposited in the Geologic Carbon Storage Facility Trust Fund created in Subsection (4).

• (4) There is created an expendable special revenue fund known as the “Geologic Carbon Storage Facility Trust Fund.”

• (5) The fund shall consist of the money specified in Subsections (1) through (3) and interest earned on the fund.

• (6) The division shall only use the money deposited into the Geologic Carbon Storage Facility Trust Fund to:
  • (a) defray the expenses the division incurs in the long-term monitoring and management of a closed storage facility; or
  • (b) to reimburse a regulatory agency with whom the board has entered into a cooperative agreement described in Section 40-11-18 for expenses the cooperating agency incurs in the long-term monitoring and management of a closed storage facility.

Enacted by Chapter 62, 2022 General Session