Sec. 2. Disposition of qualified outer Continental Shelf revenues from 181 Area, 181 South Area, and 2002–2007 planning areas of Gulf of Mexico
337 words·~2 min read·
/bill/114/s/3150/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 105 of the Gulf of Mexico Energy Security Act of 2006 ( 43 U.S.C. 1331 note) is amended to read as follows: 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— 50 percent of qualified outer Continental Shelf revenues in the general fund of the Treasury; and 50 percent of qualified outer Continental Shelf revenues in a special account in the Treasury, of which— 75 percent shall be 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; and 25 percent shall be deposited in a special account in the Land and Water Conservation Fund established under section 200302 of title 54, United States Code, from which the Secretary shall disburse, without further appropriation, 100 percent to provide financial assistance to States in accordance with section 200305 of that title, which shall be considered income to the Land and Water Conservation Fund for purposes of section 200302 of that title.
Subject to paragraph (2), the total amount of qualified outer Continental Shelf revenues made available under subsection (a)(2) shall not exceed $500,000,000 for each of fiscal years 2016 through 2055. For the purpose of paragraph (1), for each of fiscal years 2016 through 2055, expenditures under subsection (a)(2) shall be net of receipts from that fiscal year from any area in the 181 Area in the Eastern Planning Area and the 181 South Area. If paragraph
(1)limits the amount of qualified outer Continental Shelf revenues that would be paid under subparagraphs
(A)and
(B)of subsection (a)(2)— the Secretary shall reduce the amount of qualified outer Continental Shelf revenues provided to each recipient on a pro rata basis; and any remainder of the qualified outer Continental Shelf revenues shall revert to the general fund of the Treasury. .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Sec. 2
Disposition of qualified outer Continental Shelf revenues from 181 Area, 181 South Area, and 2002–2007 planning areas of Gulf of Mexico
Cites 2Cited by 0 across 0 sources