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.