SB 601 - Allocating Offshore Drilling Royalties - Virginia Key Vote

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Title: Allocating Offshore Drilling Royalties

Vote Smart's Synopsis:

Vote on a motion to refer a bill to the Senate Committee on Finance that establishes appropriation requirements for revenues and royalties paid to the state for offshore natural gas and oil drilling.

Highlights:

-Appropriates revenue and royalties from offshore natural gas and oil drilling as follows (Sec. 1):

    -70 percent for the Transportation Trust Fund; -20 percent for the Virginia Coastal Energy Research Consortium; and -10 percent for localities for improvements to infrastructure and transportation.
-This is a substitute bill sponsored by the Senate Committee on Finance.

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

NOTE: THIS IS A VOTE ON A MOTION TO WITHDRAW CONSIDERATION OF THE LEGISLATION ON THE FLOOR OF THE CHAMBER AND REFER IT TO A SPECIFIC COMMITTEE.

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