Higher Coal Royalties Fund Economic Development in Impacted Communities.
This law raises the minimum royalty rate the federal government collects for coal mined on public lands to at least 12.5% of the sale value, ensuring a fairer return for citizens. Crucially, $75 million annually from these increased royalties will be deposited into a new fund dedicated to supporting communities negatively affected by the decline of the coal industry. This money will finance job training, economic diversification, and infrastructure projects in those regions.
Key points
Increased Federal Revenue: The minimum royalty rate for coal extracted from federal lands is raised to at least 12.5% of the assessment value, boosting public income.
Support for Coal Regions: Establishes the Coal Area Economic Revitalization Fund, receiving $75 million annually to aid job creation and economic development in impacted communities.
Workforce and Economic Diversification: Funds will be used for worker training, business incubation, and strategic planning to diversify local economies away from coal dependence.
Expired
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