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2015 SESSION

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HB 1709 Offshore natural gas and oil; allocation of royalties.

Introduced by: Glenn R. Davis | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Allocation of offshore natural gas and oil royalties. Changes the manner in which the revenues and royalties from offshore natural gas and oil drilling and exploration that exceed $50 million are distributed. Currently, an amount up to $50 million is deposited into the Virginia Offshore Energy Emergency Response Fund, and any funds in excess of this amount are deposited into the general fund. The bill allocates 50 percent of the amount of the excess to the general fund, 25 percent to K-12 capital projects, and 25 percent to operational support for K-12.

FULL TEXT

• 01/12/15  House: Prefiled and ordered printed; offered 01/14/15 15102161D  pdf | impact statement

HISTORY

• 01/12/15  House: Prefiled and ordered printed; offered 01/14/15 15102161D
• 01/12/15  House: Referred to Committee on Appropriations
• 01/21/15  House: Assigned App. sub: Elementary & Secondary Education
• 01/27/15  House: Subcommittee recommends laying on the table by voice vote
• 02/10/15  House: Left in Appropriations