Summary: H.R.4942 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.4942. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/25/2010)

Virginia Access to Energy Act or the VA Energy Act - Directs the Secretary of the Interior to conduct offshore oil and gas Lease Sale 220 on the Outer Continental Shelf (OCS) by as soon as practicable, but not later than one year, after the date the Secretary receives a petition from the governor requesting that the lease sale be conducted.

Provides for the disposition of revenues received from such lease sale for both federal and non-federal purposes, including payments to the state of Virginia.

Establishes in the Treasury the Alternative Energy Trust Fund, consisting of a portion of such revenues, which may be used for making grants for a coal and related technologies program, solar and wind technologies, and nuclear power loan guarantees, among other things.