Oil and Gas Payments Taxpayer Protection and Deficit Reduction Act

2016-07-07

Introduced in Senate

Oil and Gas Payments Taxpayer Protection and Deficit Reduction Act

This bill amends the Gulf of Mexico Energy Security Act of 2006 to direct the Department of the Treasury to deposit: (1)50% of qualified Outer Continental Shelf (OCS)revenues into the general fund of the Treasury, and (2) 50% of qualified OCS revenues into a special account. Furthermore, 75% of available revenues in the special account must be used to reduce the federal budget deficit and 25% must be deposited into the Land and Water Conservation Fund.

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