“A number of House members instrumental throughout the process, including Paul Tonko (NY) and Peter Welch (VT), did outstanding work. Additionally, House Representatives and Senators from oilheat territory throughout the country also pitched in. Also of importance were the strong relationships that the Fuel Merchants Association of New Jersey brought.Of course, the team in Washington of PMAA, New England Fuel Institute and Squire Patton Boggs worked hard and smart throughout.”
As anticipated, the Congressional Budget Office (the budget scoring agency for Congress) has determined that NORA’s collections impact federal revenues and increase the federal deficit. As a remedy, NORA has been amended and will place 25% of its income in escrow for ten years. These funds are not lost to the industry and will become available on October 1, 2028.
Tom Santa, NORA’s Chairman, expressed his thanks to the industry and Congress. He noted that NORA provides industry empowerment and that being able to support the lab in NY is critical. NORA’s passage is essential to the vitality ofour industry.
Charlie Uglietto, NORA’s incoming Chairman, stated that the passage of the bill provides the longest time frame for NORA yet. For the first time, NORA can look to a long-term horizon and no tbe planning to ramp up activities while planning for cessation of activities at the same time.
“Now we are in a steady state of activity, and can focus solely on improving execution of all of our functions,” stated Uglietto.