(1) The commission, under procedures and criteria it may adopt, shall determine the amount of injected carbon dioxide stored in a storage reservoir.

(2) The purpose for determining storage amounts is to facilitate using the stored carbon dioxide for such matters as carbon credits, allowances, trading, emissions allocations, and offsets, and for other similar purposes.

(3) The commission may charge a reasonable fee to the person requesting a storage determination. Any such fee shall be set by the commission in rules and regulations adopted and promulgated by the commission.

(4) Any fees received by the commission under this section for storage determinations shall be remitted to the State Treasurer for credit to the Carbon Dioxide Storage Facility Administrative Fund.