The State of Nevada Petroleum Fund (Fund) was initially implemented in 1989 by state legislation to assist owners and operators of regulated underground storage tanks in meeting the federal requirement for financial responsibility, pursuant to Code of Federal Regulations (CFR) 40 CFR 280.90 through 280.99. The Fund also allows voluntary enrollment of non-regulated petroleum storage tanks and automatically covers releases from residential heating oil tanks.
The Fund provides reimbursement to the qualified storage tank owner/operators for corrective action costs associated with cleaning up petroleum product releases. The Nevada Division of Environmental Protection reviews requests for reimbursement and the Board to Review Claims approves payments from the Fund. The Board is composed of three statutory members and four governor-appointed members.
The Fund is supported by a $0.0075 fee for each gallon of motor vehicle fuel, diesel fuel of grade number 1, diesel fuel of grade number 2, and heating oil imported into, or refined in, Nevada. There is also an annual registration fee of $100 per tank for enrollment into the Fund for all regulated and non-regulated storage tanks with the exception of heating oil tanks.
Since its inception, more than 1,600 cases have been covered by the Fund for reimbursement of cleanup costs associated with leaks or accidental releases from petroleum storage tanks. The Fund has provided over $250 million towards the cleanup of petroleum releases in the State of Nevada.
The next meeting of the Board to Review Claims is Thursday, March 7, 2024, at 10:00 am. Visit the Board to Review Claims Meeting Agendas & Minutes page for more information.
Statutory Authority: NRS 445C.150 through 445C.410
Associated Regulations: NAC 445C.200 through 445C.390
All Petroleum Fund enrollment and case information including coverage applications, cost proposals, and claims, is stored and utilized through the Nevada Environmental Activities system at https://nevadaenvironmentalactivities.ndep.nv.gov/Default.aspx.
Possible Tax Implications: Operators that have received reimbursement payments from the Nevada Petroleum Fund for environmental cleanup of petroleum contamination from a storage tank may receive a 1099-G tax form from the State Controllers’ Office. See the Petroleum Fund Forms page for more information.