Offshore natural gas and oil; allocation of royalties. (HB1709)

Introduced By

Del. Glenn Davis (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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. Amends § 67-301, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2015Committee
01/12/2015Prefiled and ordered printed; offered 01/14/15 15102161D
01/12/2015Referred to Committee on Appropriations
01/19/2015Impact statement from DPB (HB1709)
01/21/2015Assigned App. sub: Elementary & Secondary Education
01/27/2015Subcommittee recommends laying on the table
02/10/2015Left in Appropriations