VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2010 SESSION

• history | hilite | pdf | print version

10102227D
HOUSE BILL NO. 805 Offered January 13, 2010 Prefiled January 13, 2010 A BILL to amend the Code of Virginia by adding in Chapter 3 of Title 67 a section numbered 67-301, relating to royalties from offshore drilling. ----------
Patrons-- Poindexter, Albo, Anderson, Athey, Byron, Cox, J.A., Gilbert, Iaquinto, Knight and Lingamfelter
---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 3 of Title 67 a section numbered 67-301 as follows:

§ 67-301. Royalties from offshore natural gas and oil resources.

Any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling and exploration shall be deposited and used for the following purposes:

1. Eighty percent of such revenues and royalties shall be appropriated to the Transportation Trust Fund established pursuant to § 33.1-23.03:1;

2. Ten percent of such revenues and royalties shall be appropriated to the Biofuels Production Fund established pursuant to § 45.1-393; and

3. Ten percent of such revenues and royalties shall be appropriated to the Innovation and Entrepreneurship Investment Authority (§ 2.2-2218 et seq.) to be used for the sole purpose of the research, development, and encouragement of the technology and commercialization of non-petroleum based transportation fuels.