SB601: Offshore drilling; royalties to be deposited in Transportation Trust Fund, etc.
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 appropriated and used for the following purposes:
1. Seventy percent of such revenues and royalties shall be deposited into the general fund of the state treasury for appropriation by the General Assembly;
2. Twenty percent of such revenues and royalties to the Virginia Coastal Energy Research Consortium established pursuant to § 67-600; and
3. Ten percent of such revenues and royalties to the localities of the Commonwealth for improvements to infrastructure and transportation.
Patrons-- Wagner, Blevins, Hurt, Martin, McDougle, Newman, Ruff, Smith, Stosch and Vogel
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.
At least 80 percent of any revenues and royalties paid to the Commonwealth as a result of offshore natural gas and oil drilling and exploration shall be deposited by the Comptroller to the Transportation Trust Fund established pursuant to § 33.1-23.03:1.