Tipton Introduces Education Legislation
A Colorado congressman has introduced legislation to help states fund education by expanding responsible energy development and creating jobs.
Rep. Scott Tipton introduced the The Education and Energy Act of 2011. This act will dedicate 33% of the federal portion of oil and gas revenues that are derived from leases for tracts located in a state, back to the department of education of that particular state.
The bill will also distribute 17% of the remaining federal portion of mineral revenues to all states. This distribution will apply only to leases offered under new authority granted to the Secretary of the Interior through legislation, and to revenues which exceed the budget estimates for the prior fiscal year.
“With so many states in desperate need of additional funding for k-12 and higher education, this legislation provides a way to make a considerable investment in our children’s future and our universities,” Tipton said.
In addition, if the federal government receives revenues from domestic oil and gas development beyond that which was anticipated for a given year, those additional amounts will be apportioned for education funding as the states see fit.
