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

Virginia House Bill 756 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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-Prefiled.html

10101940D
HOUSE BILL NO. 756 Offered January 13, 2010 Prefiled January 12, 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-- Stolle, Albo, Anderson, Bell, Richard P., Byron, Carrico, Cole, Comstock, Cosgrove, Cox, J.A., Crockett-Stark, Gilbert, Greason, Hugo, Iaquinto, Jones, Knight, Landes, LeMunyon, Lingamfelter, Lohr, Miller, J.H., Oder, Pogge, Poindexter, Purkey, Scott, E.T., Tata and Villanueva
---------- 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.

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.