[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2673 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2673

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2011

  Mr. Markey 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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:

``SEC. 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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