Bill Text: VA HB805 | 2010 | Regular Session | Prefiled

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Bill Title: Offshore drilling; portion of royalties to be deposited in Transportation Trust Fund.

Spectrum: Partisan Bill (Republican 11-0)

Status: (Introduced - Dead) 2010-02-01 - House: Incorporated by Appropriations (HB756-Stolle) by voice vote [HB805 Detail]

Download: Virginia-2010-HB805-Prefiled.html

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10102227D
HOUSE BILL NO. 805 Offered January 13, 2010 Prefiled January 13, 2010 A BILL to amend the Code of Virginia by adding in Chapter 3 of Title 67 a section numbered 67-301, relating to royalties from offshore drilling. ----------
Patrons-- Poindexter, Albo, Anderson, Athey, Byron, Cox, J.A., Gilbert, Iaquinto, Knight and Lingamfelter
---------- Referred to Committee on Appropriations ----------

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 deposited and used for the following purposes:

1. Eighty percent of such revenues and royalties shall be appropriated to the Transportation Trust Fund established pursuant to § 33.1-23.03:1;

2. Ten percent of such revenues and royalties shall be appropriated to the Biofuels Production Fund established pursuant to §45.1-393; and

3. Ten percent of such revenues and royalties shall be appropriated to the Innovation and Entrepreneurship Investment Authority (§2.2-2218 et seq.) to be used for the sole purpose of the research, development, and encouragement of the technology and commercialization of non-petroleum based transportation fuels.