Oil and Gas Payments Taxpayer Protection and Deficit Reduction Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Jul 7, 2016)
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 just happenedJul 7, 2016
Read twice and referred to the Committee on Energy and Natural Resources.
Who’s behind it
- Introduced in SenateJul 7, 2016
- Jul 7, 2016IntroReferral
Read twice and referred to the Committee on Energy and Natural Resources.
Energy and Natural Resources Committee - Jul 7, 2016IntroReferral10000
Introduced in Senate