H.R.3303 - Coal Royalty Fairness and Communities Investment Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Cartwright, Matt [D-PA-17] (Introduced 07/29/2015)|
|Committees:||House - Natural Resources; Energy and Commerce; Transportation and Infrastructure; Financial Services|
|Latest Action:||House - 08/31/2015 Referred to the Subcommittee on Energy and Mineral Resources. (All Actions)|
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Summary: H.R.3303 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (07/29/2015)
Coal Royalty Fairness and Communities Investment Act of 2015
This bill amends the Mineral Leasing Act to require the coal lease royalty to be at least 12.5% of the assessment value of federal coal (currently, 12.5% of the value of coal as defined by regulation), which value shall be established by the Department of the Interior within one year after enactment of this Act.
"Assessment value" means: (1) the price of federal coal paid by the purchaser at final sale, or (2) a price imputed by the Secretary based on the coal price index (the schedule of average market prices of federal coal at final sale).
The purchaser of federal coal shall report annually information necessary to carry out this Act. Interior may examine the records of any person engaged in the purchase, sale, transportation, or marketing of federal coal.
The bill prescribes requirements for: (1) determining and assessing royalties for the export of federal coal, (2) compiling in a transportation cost index the average costs of transporting coal, and (3) determining the amount of any applicable transportation cost deduction on the basis of such index.
The bill also establishes in the Treasury a Coal Area Economic Revitalization Fund for the annual deposit of $105 million of royalty revenues collected by the United States from coal leases.
The Economic Development Administration of the Department of Commerce shall use certain Fund amounts to issue grants under specified programs for projects to assist communities and Indian tribes negatively impacted by changes in the coal economy.
The Department of Energy shall use certain Fund amounts to provide financial assistance for the design, construction, and operation of large-scale projects to capture and store carbon dioxide emissions from industrial sources.
Specified federal departments and agencies shall provide impacted communities with technical assistance and educational outreach to fund partnerships.