California, like some other states, has established a fund to help owners and operators of petroleum underground storage tanks (USTs) investigate and remediate contamination emanating from USTs. The California UST Cleanup Fund requires owners of petroleum USTs to pay a per gallon fee to the fund, set at .014 cents for every gallon of gasoline sold as of January 1, 2006. This fee currently generates in excess of $180 million annually. But, the fund is not just a useful source of cash for gas station operators and owners of contaminated property, it can also help jump start a real property transaction stalled by the uncertainties surrounding environmental cleanup.

California UST Fund Requirements California established its UST Cleanup Fund in 1989. To be eligible, a claimant must be a current or past owner or operator of the UST from which an unauthorized release of petroleum has occurred. The claimant is required to undertake corrective action as directed by a local regulatory agency, such as a regional water quality control board or local county hazardous material agency. Other eligibility conditions include compliance with state permitting requirements and agency cleanup orders. ...

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