Bill Text: VA HB756 | 2010 | Regular Session | Chaptered

---

Bill Title: Offshore drilling; royalties to be deposited in Transportation Trust Fund, etc.

Spectrum: Partisan Bill (Republican 31-0)

Status: (Passed) 2010-03-09 - Governor: Acts of Assembly Chapter text (CHAP0098) [HB756 Detail]

Download: Virginia-2010-HB756-Chaptered.html

---

CHAPTER 98 An Act 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. [H 756] Approved March 9, 2010

 

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 to the Transportation Trust Fund established pursuant to §33.1-23.03:1;

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.