AN ACT TO AMEND TITLE 7 RELATING TO THE HAZARDOUS SUBSTANCE CLEANUP ACT.

This Act stabilizes revenue for the Hazardous Substances Cleanup Act ("HSCA") Fund ("the Fund") by minimizing the wide swings in revenue due to oil prices changes. Under this Act, the Department of Natural Resources and Environmental Control ("the Department") is prevented from receiving a revenue windfall when oil prices rise, while minimum funding for the Brownfields Grant Program is protected when oil prices are low. The legislation ties HSCA funding to a median benchmark and authorizes the Division of Revenue to adjust the tax rate up or down for the following year to smooth the revenue stream and avoid the roller coaster effect of oil price changes. This Act caps the HSCA tax rate at 1.675% and allows the lowest rate to drop to .675%, versus the current HSCA rate of .9%. This Act sets aside a minimum of $5,000,000 annually in HSCA funds for the Brownfields Grant Program, which has leveraged private investment of 16 times the public funds expended in cleaning up polluted sites and returning them to productive use, generating jobs and tax revenue.