Bill > S373

This bill, the Reinvesting In Shoreline Economies and Ecosystems Act of 2023 or the RISEE Act of 2023, has several key provisions: 1. It amends the National Oceans and Coastal Security Act to establish the National Oceans and Coastal Security Fund, which will receive a portion of the revenue from certain offshore wind projects. The fund can be used to support programs and activities related to understanding and using ocean and coastal resources, as well as enhancing community and infrastructure resilience. 2. It establishes a new formula for distributing offshore wind revenue, with a portion going to the National Oceans and Coastal Security Fund and another portion going directly to eligible coastal states based on their proximity to the offshore wind projects. 3. It amends the Gulf of Mexico Energy Security Act of 2006 to remove the limitation on the amount of qualified outer Continental Shelf revenues that can be distributed, and it adds new reporting requirements for the use of those funds by Gulf producing states. 4. It eliminates the administrative fee under the Mineral Leasing Act, which previously deducted a portion of certain mineral leasing revenues before distribution. Overall, the bill aims to increase funding and revenue sharing opportunities for renewable energy, coastal conservation, and community resilience efforts.

Agriculture and Natural Resources

https://www.congress.gov/bill/118th-congress/senate-bill/373/all-info