TO AMEND THE PETROLEUM STORAGE TANK TRUST FUND ACT; AND TO MODIFY THE AMOUNT OF THE PAYMENT FOR CORRECTIVE ACTION.

HB 1383 amends Arkansas' Petroleum Storage Tank Trust Fund Act to increase the maximum interim payment for corrective action from $1.5 million to $2 million. It directly affects owners or operators of petroleum storage tanks requiring cleanup after contamination incidents. The bill establishes that 90% of the $2 million amount ($1.8 million) is paid upfront, with the remaining 10% released only after final cleanup is completed and verified. This change provides greater initial funding flexibility for responsible parties addressing tank-related environmental damage.