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NC Fracking Bill passed

Residential Real Estate for Sale

Updated on Mar 26, 2013

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Fracking Bill Passes NC Senate

The NC Senate gave its final approval last Wednesday in a 39-7 vote to Senate Bill 76 (Domestic Energy Jobs Act), sponsored by Senators E.S. (Buck) Newton (R-Nash), Bob Rucho (R-Mecklenburg) and Andrew Brock (R-Davie).
The bill, which now goes to the House for consideration, would allow state regulators to begin issuing permits by March 2015 for natural hydraulic fracturing and would impose an initial 1-percent tax on extracted shale gas, with the tax to rise to 6 percent by 2020, and the tax revenues being divided between the state’s general fund, an environmental/emergency fund and regulatory expenses.

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