[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3150 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3150

To use certain revenues from the outer Continental Shelf to reduce the 
                        Federal budget deficit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 7, 2016

  Mr. Markey introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL


 
To use certain revenues from the outer Continental Shelf to reduce the 
                        Federal budget deficit.

    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 ``Oil and Gas Payments Taxpayer 
Protection 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) 50 percent of qualified outer Continental Shelf 
        revenues in the general fund of the Treasury; and
            ``(2) 50 percent of qualified outer Continental Shelf 
        revenues in a special account in the Treasury, of which--
                    ``(A) 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
                    ``(B) 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.
    ``(b) Limitations on Amount of Distributed Qualified Outer 
Continental Shelf Revenues.--
            ``(1) In general.--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.
            ``(2) Expenditures.--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.
            ``(3) Pro rata reductions.--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)--
                    ``(A) the Secretary shall reduce the amount of 
                qualified outer Continental Shelf revenues provided to 
                each recipient on a pro rata basis; and
                    ``(B) any remainder of the qualified outer 
                Continental Shelf revenues shall revert to the general 
                fund of the Treasury.''.
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