S.Amdt. 1612

SA 1612. Mrs. HYDE-SMITH submitted an amendment intended to be
proposed by her to the bill H.R. 1957, to amend the Internal Revenue
Code of 1986 to modernize and improve the Internal Revenue Service, and
for other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _. GULF OF MEXICO OUTER CONTINENTAL SHELF REVENUES.

(a) Definition of Qualified Outer Continental Shelf
Revenues.--Section 102(9)(A) of the Gulf of Mexico Energy
Security Act of 2006 (43 U.S.C. 1331 note; Public Law 109-
432) is amended--
(1) in clause (i)(II), by striking ``and'' after the
semicolon;
(2) in clause (ii)--
(A) in the matter preceding subclause (I), by striking
``fiscal year 2017 and each fiscal year thereafter'' and
inserting ``each of fiscal years 2017 through 2019''; and
(B) in subclause (III), by striking the period and
inserting ``; and''; and
(3) by adding at the end the following:
``(iii) in the case of fiscal year 2020 and each fiscal
year thereafter, all rentals, royalties, bonus bids, and
other sums due and payable to the United States received on
or after October 1, 2019, from leases entered into on or
after October 1, 2000 for--

``(I) the 181 Area;
``(II) the 181 South Area; and
``(III) the 2002-2007 planning area.''.

(b) Disposition of Qualified Outer Continental Shelf
Revenues.--
(1) In general.--Section 105(a) of the Gulf of Mexico
Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law
109-432) is amended--
(A) in paragraph (1), by striking ``50'' and inserting
``37.5''; and
(B) in paragraph (2)--
(i) in the matter preceding subparagraph (A), by striking
``50'' and inserting ``62.5'';
(ii) in subparagraph (A), by striking ``75'' and inserting
``80''; and
(iii) in subparagraph (B), by striking ``25'' and inserting
``20''.
(2) Limitations on amount of distributed qualified outer
continental shelf revenues.--Section 105(f) of the Gulf of
Mexico Energy Security Act of 2006 (43 U.S.C. 1331 note;
Public Law 109-432) is amended--
(A) in paragraph (1)--
(i) by striking subparagraphs (B) and (C);
(ii) in subparagraph (A), by striking the semicolon at the
end and inserting a period; and
(iii) beginning in the matter preceding subparagraph (A),
by striking ``exceed--'' and all that follows through ``for
each'' in subparagraph (A) and inserting the following:
``exceed $500,000,000 for each''; and
(B) in paragraph (2), by striking ``2055'' and inserting
``2019''.
(c) Exemption of Certain Payments From Sequestration.--
(1) In general.--Section 255(g)(1)(A) of the Balanced
Budget and Emergency Deficit Control Act of 1985 (2 U.S.C.
905(g)(1)(A)) is amended by inserting after ``Payments to
Social Security Trust Funds (28-0404-0-1-651).'' the
following:
``Payments to States pursuant to section 105(a)(2)(A) of
the Gulf of Mexico Energy Security Act of 2006 (Public Law
109-432; 43 U.S.C. 1331 note) (014-5535-0-2-302).''.
(2) Applicability.--The amendment made by this section
shall apply to any sequestration order issued under the
Balanced Budget and Emergency Deficit Control Act of 1985 (2
U.S.C. 900 et seq.) on or after the date of enactment of this
Act.
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