H.R. 2673 · 112th Congress
Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MarkeySponsorNo cosponsors.
Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act - Amends the Gulf of Mexico Energy Security Act of 2006 to direct the Secretary of the Treasury to deposit: (1) 87.5% of qualified outer Continental Shelf (OCS) revenues into the general fund of the Treasury, and (2) 12.5 % of qualified OCS revenues in a special account in the Treasury…
What it does: CRS summary · Introduced in House · Jul 27, 2011
Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act - Amends the Gulf of Mexico Energy Security Act of 2006 to direct the Secretary of the Treasury to deposit: (1) 87.5% of qualified outer Continental Shelf (OCS) revenues into the general fund of the Treasury, and (2) 12.5 % of qualified OCS revenues in a special account in the Treasury to be disbursed 100% to provide financial assistance to states. Considers such funds income to the Land and Water Conservation Fund.
Requires rentals or royalties received by the United States from leases under such Act to be deposited into the Treasury and used for federal budget deficit reduction or, if there is no federal budget deficit, for reducing the federal debt.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Gulf Coast Oil and Gas Royalty Giveaway Repeal and Deficit Reduction Act
Latest action (Jul 29, 2011): Referred to the Subcommittee on Energy and Mineral Resources.
Policy area: Public Lands and Natural Resources · Origin: House · Introduced: Jul 27, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.