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2010 SESSION

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HB 756 Offshore drilling; royalties to be deposited in Transportation Trust Fund, etc.

Introduced by: Christopher P. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Royalties from offshore drilling.  Requires that all revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling shall be distributed as follows: (i) 70 percent to the Transportation Trust Fund, (ii) 20 percent to the Virginia Coastal Energy Research Consortium, and (iii) 10 percent to localities for improvements to infrastructure and transportation.


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