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Illinois Acres for Wildlife is an Illinois Department of Natural Resources (IDNR) voluntary program designed to provide assistance to private landowners wishing to maintain their property. The ultimate goal of the program is to inform and educate landowners so they understand how their property fits into a broad management plan.
There are three forms of payment to the government: bonus (an initial payment to the government), rental (an annual payment of $2 per acre), and royalty ( a payment of 1/8 or 12.5% of the gross value of the oil and gas produced).
The "polestar" of regulatory takings jurisprudence is Penn Central Transp. Co. v.New York City (1973). [3] In Penn Central, the Court denied a takings claim brought by the owner of Grand Central Terminal following refusal of the New York City Landmarks Preservation Commission to approve plans for construction of 50-story office building over Grand Central Terminal.
Some $29 billion will help replenish the Federal Emergency Management Agency’s Disaster Relief Fund, which has dwindled after contending with two major hurricanes that ripped through the ...
The original owner of an oil and gas lease will sometimes retain an overriding royalty as part of a farmout agreement. For any oil and gas property, the total working interests must add up to 100%. The sum of the net revenue interests, royalty interests, and overriding royalty interests, must also add up to 100%.
The Ohio Department of Natural Resources will receive $59.7 million in bonuses under the fracking leases and each lease includes a 12.5% royalty paid to the state for production.
As a standard example, for every $100 per barrel of oil sold from a U.S. federal well with a 25% royalty, the U.S. government gets $25. The U.S. government does not pay, and will only collect revenue. All risks and responsibilities lie with the well operator. Royalties in the timber industry are called "stump trimming".
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."