< Back to H.R. 2673 (112th Congress, 2011–2013)

Text of the Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act

This bill was introduced on July 27, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jul 27, 2011 (Introduced).

Source: GPO

I

112th CONGRESS

1st Session

H. R. 2673

IN THE HOUSE OF REPRESENTATIVES

July 27, 2011

introduced the following bill; which was referred to the Committee on Natural Resources

A BILL

To amend the Gulf of Mexico Energy Security Act of 2006 to modify the disposition of qualified treatment qualified outer Continental Shelf revenues under that Act, and for other purposes.

1.

Short title

This Act may be cited as the Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act.

2.

Disposition of qualified outer Continental Shelf revenues from 181 Area, 181 South Area, and 2002–2007 planning areas of Gulf of Mexico

Section 105 of the Gulf of Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note) is amended to read as follows:

105.

Disposition of qualified outer Continental Shelf revenues from 181 Area, 181 South Area, and 2002–2007 planning areas of Gulf of Mexico

(a)

In general

Notwithstanding section 9 of the Outer Continental Shelf Lands Act (43 U.S.C. 1338) and subject to the other provisions of this section, for each applicable fiscal year, the Secretary of the Treasury shall deposit—

(1)

87.5 percent of qualified outer Continental Shelf revenues in the general fund of the Treasury; and

(2)

12.5 percent of qualified outer Continental Shelf revenues in a special account in the Treasury from which the Secretary shall disburse100 percent to provide financial assistance to States in accordance with section 6 of the Land and Water Conservation Fund Act of 1965 (16 U.S.C. 460l–8), which shall be considered income to the Land and Water Conservation Fund for purposes of section 2 of that Act (16 U.S.C. 460l–5).

(b)

Use of amounts for deficit reduction

Notwithstanding any other provision of law, any amounts received by the United States as rentals or royalties under leases covered by this title shall be deposited in the Treasury and used for Federal budget deficit reduction or, if there is no Federal budget deficit, for reducing the Federal debt in such manner as the Secretary of the Treasury considers appropriate.

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