S. 1560 would amend the Outer Continental Shelf Lands Act to provide for the sharing of certain outer Continental Shelf revenues from areas in the Alaska Adjacent Zone.
Detailed Summary
Alaska Adjacent Zone Revenue Sharing Act - Amends the Outer Continental Shelf Lands Act (OCSLA) to require that the state of Alaska receive 37.5% of: (1) any bonus bid paid for leasing rights for any area in the Alaska Adjacent Zone; and (2) specified post-leasing revenues including lease rental payments and lease royalty payments, as well as royalty proceeds from a sale of royalties taken in kind.
Sets forth an allocation scheme under which the Secretary of the Interior is directed to pay: (1) 20% of any allocable state share directly to coastal political subdivisions; (2) 33% of any allocable state share to certain Regional Corporations; and (3) 7% of any allocable state share directly to Indian tribes.
Instructs the Secretary to distribute 6.25% of certain federal royalty revenues into: (1) a specified land and water conservation fund to provide financial assistance to states; and (2) direct federal deficit reduction.
Status of the Legislation
Latest Major Action: 8/3/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Energy and Natural Resources.
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