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2010 SESSION
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 | history
SUMMARY AS PASSED HOUSE:
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.
SUMMARY AS INTRODUCED:
Royalties from offshore drilling. Requires that at least 80 percent of any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling shall be deposited to the Transportation Trust Fund.