HR 7872
To amend the Mineral Leasing Act to provide for the payment of bonus payments of certain coal leases issued under that Act.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill modifies the Mineral Leasing Act to change how bonus payments are handled for certain coal leases. Specifically, it establishes a system of deferred bonus payments, meaning the payments will be made over 10 years, with the first installment due when the lease is initially bid on. This change aims to provide a more gradual financial commitment for lessees. The bill focuses solely on adjusting the payment schedule for these specific coal leases.
Key provisions
- Establishes a system of deferred bonus payments for certain coal leases.
- The first bonus payment installment is due with the initial lease bid.
- Payments will be made in 10 equal annual installments.
- This amendment applies to leases issued under the Mineral Leasing Act.
Who is affected
- Coal lessees
- The federal government (through the Mineral Leasing Act)
- Landowners with coal deposits
Notable changes
- Changes the payment schedule for bonus payments on coal leases.
- Introduces a deferred payment system instead of a lump-sum payment.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Harriet M. [R-WY-At Large] Hageman
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119th CONGRESS — 2d Session
H. R. 7872
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Mineral Leasing Act to provide for the payment of bonus payments of certain coal leases issued under that Act.
Section 2(a) of the Mineral Leasing Act (30 U.S.C. 201(a)) is amended by adding at the end the following:
The bonus payments for a lease issued under this subsection under a system of deferred bonus payment shall be payable in 10 equal annual installments, the first of which shall be submitted with the bid for such lease.