The Coal Royalty Fairness and Communities Investment Act of 2024 increases the minimum royalty rate that coal companies must pay the federal government for mining coal on public lands from the current rate to 12.5 percent of the coal's assessed value, with provisions for potentially lower rates in underground mining operations. The bill also establishes a Coal Area Economic Revitalization Fund that automatically receives $75 million annually from coal royalty revenues, with $70 million directed to economic development and workforce training programs in communities affected by changes in the coal industry, and $5 million directed to carbon capture and storage projects. The legislation requires the Interior Department to develop a more transparent coal pricing system and directs the Government Accountability Office to review the federal coal program every three years over a 15-year period to ensure taxpayers receive fair value for publicly owned coal. Multiple federal agencies, including the departments of Labor, Energy, and Commerce, are tasked with providing technical assistance and coordinating resources to help coal-dependent communities diversify their economies and retrain workers.
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