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S 3150 114th Congress Senate Energy Budget deficits and national debt Energy revenues and royalties Government trust funds Gulf of Mexico Land use and conservation Marine and coastal resources, fisheries Oil and gas Outdoor recreation

Oil and Gas Payments Taxpayer Protection and Deficit Reduction Act

Introduced: July 7, 2016 Introduced by: Markey, Edward J. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 7, 2016
Read twice and referred to the Committee on Energy and Natural Resources.
Jul 7, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now July 7, 2016

Read twice and referred to the Committee on Energy and Natural Resources.

 Committees of jurisdiction 1