Oil And Gas Revenues. Water And Land Conservation Fund. State Tax Credits.

OIL AND GAS REVENUES. WATER AND LAND CONSERVATION FUND. STATE TAX CREDITS. INITIATIVE STATUTE. Creates state trust fund to finance land and water conservation programs, including purchase and improvement of parks, natural areas, wildlife habitats, watersheds for drinking water, and old growth redwood lands. Requires certain oil and gas related revenues received by the state be placed in trust fund. Specifies allocations for certain projects; allocates percentages of remaining funds to programs for education, parkland acquisition, neighborhood park safety, habitat improvement, recreational and conservation programs benefitting at risk youth. Authorizes tax credits to donors of qualifying property or water rights. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Redirection of General Fund revenues of about $100 million annually from 1998-99 through 2000-01, and about $72 million annually thereafter, for resource conservation programs and projects. Redirection could be higher by unknown amounts (but potentially in the millions of dollars) to the extent the state receives additional revenues from settlements or awards related to litigation over oil and gas extraction on state or federal lands, or from compensation for the depletion of oil and gas beneath state lands. General Fund revenue loss in the tens of millions of dollars annually for tax credits for land donations. Potentially about $1 million annual loss of property tax revenue to local governments