Sec. 603. Valuation
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/bill/115/hr/4426/ih/section-603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7 of the Mineral Leasing Act ( 30 U.S.C. 207 ), as amended by section 602, is further amended by adding at the end the following: The value of coal for purposes of calculating the required royalty payment under subsection
(a)is the gross proceeds accruing to the lessee or the lessee’s affiliate under the first arm’s-length contract for sale of the coal if— the lessee or the lessee’s affiliate sells the coal under an arm’s-length contract; or the lessee or the lessee’s affiliate sells the coal to a person under a non-arm’s-length contract who then sells the coal under an arm’s-length contract. In this subsection, the term arm’s-length contract means a contract or agreement between independent persons who are not affiliates and who have opposing economic interests regarding that contract. . The Secretary of the Interior shall enter into an agreement with the National Academy of Sciences to conduct a study to determine the most equitable method for valuation of coal produced on Federal lands for purposes of Federal coal leases.
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