A bill to authorize certain revenues from leases on the Outer Continental Shelf, to be made available to coastal and other States.

Summary

Establishes under the Outer Continental Shelf Lands Act in the Treasury of the United States the Coastal State Fund. Directs the Secretary of the Interior to manage and make grants from the fund to coastal States impacted by anticipated or actual oil and gas production. Requires the Secretary of Commerce to establish requirements by regulation for grant eligibility. Requires 10 percent of the Federal revenues from such Act, or the equivalent of 40 cents per barrel from the Federal revenues from this Act, whichever is greater, to be paid into the fund. Limits the amount in the fund to $200,000,000 for fiscal years 1976 and 1977. Authorizes to be appropriated to the fund $100,000,000. Directs the Secretary of the Interior to make grants to States adjacent to any oil or gas deposit on the Outer Continental Shelf in an amount equal to 5 percent of the amount sold for such deposit during fiscal year 1977 and each fiscal year thereafter. Directs the Secretary to make grants to each State in an amount equal to such State's entitlement share of an aggregate national amount for fiscal year 1976, and for each fiscal year thereafter.

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Documents

1 official file

• Introduced in House

  summary · EN · 1 May 1975

  Open at official source

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