§209.2. Storage of carbon dioxide; distribution of funds
A. For purposes of this Section, "specific area of interest" means an individual tract
of property that is the subject of any contractual agreement entered into by the State Mineral
and Energy Board for the purpose of injection, storage, sequestration, transportation,
shipment, or withdrawal of carbon dioxide.
B. Any revenues collected by the office of mineral resources pursuant to any
contractual agreement for the storage of carbon dioxide beneath state-owned land or water
bottoms shall be immediately forwarded to the state treasurer for deposit into the state
treasury. After complying with the provisions of Article VII, Section 9(B) of the
Constitution of Louisiana relative to the Bond Security and Redemption Fund, the state
treasurer shall remit the funds as follows:
(1) Thirty percent of the revenue shall be remitted to the Mineral and Energy
Operation Fund. The revenue remitted to the Mineral and Energy Operation Fund under this
Subsection shall be in lieu of any other revenues collected pursuant to any contractual
agreement for the storage of carbon dioxide beneath the state-owned land or water bottoms
that is required by law to be remitted to the Mineral and Energy Operation Fund.
(2) Thirty percent of the revenue shall be remitted to the governing authority of the
parish located in a specific area of interest. If the specific area of interest is located in more
than one parish, the monies shall be divided between the parishes in proportion to the amount
of property located in each parish pursuant to the contractual agreement.
(3) The remaining revenue shall be deposited into the state general fund.
C. Nothing in this Section shall impact existing constitutional or statutory
dedications from funds collected by the office of mineral resources on behalf of a state
department or an agency as defined in R.S. 30:151.
Acts 2023, No. 378, §1, eff. June 14, 2023.