Outer Continental Shelf Lands Compensation Act

[AI summary unavailable — showing source text] Outer Continental Shelf Lands Compensation Act - Requires all rentals, royalties, and other sums paid to the United States in connection with any lease on the Outer Continental Shelf after the date of enactment of this Act to be deposited in the Treasury of the United States. Requires that, of the amount of the revenues so deposited in each fiscal year, an amount equal to 5 percent of the value of all oil and gas produced in such fiscal year under any lease with the Secretary of the Interior or the Secretary of the Navy on the Outer Continental Shelf shall be distributed as follows: (1) 50 percent shall be paid by the Secretary of the Treasury into a special Fund in the Treasury to be known as the Coastal States Fund; and (2) 50 percent shall be paid to the several States in proportion to the volume of such oil and gas that is first landed in each such State. Establishes the Coastal States Land and directs, the Secretary of the Treasury to make grants from the Fund in order to assist coastal States impacted by anticipated or actual oil and gas production to ameliorate adverse environmental effects and control secondary social and economic impacts associated with the development of …