S.1273 - FAIR Act of 2013

A bill to establish a partnership between States that produce energy onshore and offshore for our country with the Federal Government. view all titles (3)

All Bill Titles

  • Official: A bill to establish a partnership between States that produce energy onshore and offshore for our country with the Federal Government. as introduced.
  • Short: FAIR Act of 2013 as introduced.
  • Short: Fixing America's Inequities with Revenues Act of 2013 as introduced.

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Introduced
 
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President
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07/10/13
 
 
 
 
 
 
 

Official Summary

Fixing America's Inequities with Revenues Act of 2013 or FAIR Act of 2013 - Amends the Outer Continental Shelf Lands Act (OCSLA) to direct the Secretary of the Interior to deposit into a special account in the Treasury 37.5% of all revenues payable to the United States from oil, natura

Official Summary

Fixing America's Inequities with Revenues Act of 2013 or FAIR Act of 2013 - Amends the Outer Continental Shelf Lands Act (OCSLA) to direct the Secretary of the Interior to deposit into a special account in the Treasury 37.5% of all revenues payable to the United States from oil, natural gas, and alternative and renewable energy on the outer Continental Shelf (OCS). Instructs the Secretary to disburse such revenues (with certain exceptions) according to this formula:
(1) 27.5% of such revenues to coastal states and coastal political subdivisions, and
(2) 10% of the revenues to coastal states that establish funds in their treasuries to support projects relating to alternative or renewable energy, energy research and development, energy efficiency, or conservation. Prescribes requirements for allocating such revenues to coastal states and their coastal subdivisions, with a special rule for Alaska. Limits the allocable share of each coastal state to the revenues collected from a leased tract located no more than 200 nautical miles from the coastline of the state and within the state's OCS region. Requires the Secretary of the Treasury to disburse 50% of all revenues derived from all rentals, operating fees, royalties, bonus bids, rights-of-way, and other amounts payable to the United States from the development of alternative or renewable onshore energy sources to the state within whose boundaries the energy source is located. Amends the Gulf of Mexico Energy Security Act of 2006 to:
(1) redefine qualified OCS revenues,
(2) prescribe requirements for the disposition of qualified OCS revenues into a special account in the Treasury, and
(3) revise the formula for allocating federal funds among the Gulf producing states.

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