Starting July 1, 2024, the property damage threshold for reporting gas pipeline incidents will be updated to $145,400, according to the Pipeline and Hazardous Materials Safety Administration (PHMSA). This adjustment, mandated by procedures in Appendix A to 49 CFR Part 191, ensures that the threshold reflects current economic conditions.
This update follows the “Pipeline Safety: Gas Pipeline Regulatory Reform” rule published on January 11, 2021, which first revised the reporting threshold from $50,000 to $122,000, aligning it with inflation rates between 1984 and 2019. The rule also set forth a formula for regular adjustments based on the Consumer Price Index – Urban (CPI-U). This year’s increase from $139,700 to $145,400 is a result of applying this formula, ensuring that the threshold keeps pace with inflation and remains relevant for accurate incident reporting.
For more information on the updated Gas Property Damage Reporting Threshold, message Jessica Foley.