Topic: Macroeconomics — General
Subject: Energy
Date: 2011-11-01 00:00:00

Restore America Act of 2011 - Deems the Draft Proposed Outer Continental Shelf (OCS) Oil and Gas Leasing Program 2010-2015 to have been approved by the Secretary of the Interior as a final oil and gas leasing program in full compliance with specified environmental and other applicable laws. Directs the Secretary to conduct a lease sale every 270 days in each OCS area for which the Secretary determinates there is a commercial interest in purchasing federal oil and gas leases for production on the OCS (OCS Planning Area). Amends the Outer Continental Shelf Lands Act to: (1) provide for the sharing of of OCS receipts from the leasing of tracts within a specified number of miles of a state coastline; (2) direct the Secretary to include, in each 5-Year Program, lease sale proposals for at least 75% of the available unleased acreage within each OCS Planning Area; and (3) require coordination with adjacent states for pipeline construction for crude oil, petroleum products, and natural gas. Prohibits, on either federal OCS or state waters, uses that are incompatible with: (1) oil and gas leasing, and (2) full oil or natural gas exploration and production on tracts that are geologically prospective for oil and/or natural gas. Requires the Secretary to accept, in satisfaction of mitigation requirements, proposals for mitigation measures on a site away from the area impacted by exploration and production activities. Directs the Secretary to establish and implement a competitive oil and gas leasing program for the exploration, development, and production of the oil and gas resources on the Coastal Plain of Alaska. Amends the Alaska National Interest Lands Conservation Act to repeal the prohibition against leasing or other development leading to production of oil and gas from the Arctic National Wildlife Refuge. Authorizes the Secretary to designate up to 45,000 acres of the Coastal Plain as a Special Area, after consultation with the state of Alaska, the city of Kaktovik, and the North Slope Borough. Prescribes procedures, terms, and conditions for Coastal Plain lease sales,, including regarding: (1) environmental protection, (2) federal and state distribution of revenues, (3) rights-of-way, and (4) local government impact aid and community service assistance. Sets forth: (1) a "no significant adverse effect" standard to govern Coastal Plain activities, and (2) guidelines for expedited judicial review of complaints. Establishes in the Treasury the Coastal Plain Local Government Impact Aid Assistance Fund. Authorizes the Secretary to use amounts in such Fund to provide timely financial assistance to Alaska communities that are directly impacted by oil and gas exploration or production on the Coastal Plain and to establish a coordination office by the North Slope Borough in Kaktovik. Requires the Secretary to hold a lease sale to offer an additional 10 parcels for lease for research, development, and demonstration of oil shale resources. Authorizes the Secretary to temporarily reduce royalties, fees, rentals, bonus bids, or other payments for leases of federal lands for the development and production of oil shale resources. Repeals the limitation on the authority of a federal agency to contract for the procurement of alternative or synthetic fuels under the Energy Independence and Security Act of 2007. Requires the Nuclear Regulatory Commission (NRC) to: (1) issue operating permits for 200 new commercial nuclear reactors by 2040, and (2) establish and implement an expedited procedure for issuing a combined construction and operating license for nuclear reactors. Authorizes the NRC to provide an applicant for a nuclear reactor license a provisional certification of a proposed nuclear reactor design. Amends the Nuclear Waste Policy Act of 1982 to abolish the Office of Civilian Radioactive Waste Management. Requires the federal government to site and permit at least one radiological material geologic repository for the disposal of radiological material. Requires the Secretary of Energy (DOE) to: (1) report to Congress on the feasibility of establishing an independent radiological material management program, and (2) conduct an inventory of all DOE materials that could be used to power commercial nuclear reactors. Prohibits the President from blocking or hindering spent nuclear fuel recycling activities. Prohibits the Secretary of the Interior from preventing uranium mining on federal lands unless the Secretary makes findings explaining the reason for such prevention. Revises provisions relating to congressional review of agency rulemaking to require congressional approval of major rules before they may take effect. Revises the definition of "major rule" (generally a rule that is likely to result in an annual effect on the economy of $100 million or more) to include an interim final rule. Permits a major rule to take effect for one 90-day calendar period without such approval if the President determines such rule is necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agreement. Sets forth House and Senate procedures for enacting joint resolutions approving major rules and disapproving non-major rules. Amends the Internal Revenue Code to: (1) reduce the maximum corporate income tax rate to 25% on taxable income exceeding $50,000, and (2) allow a permanent $500,000 expensing allowance for depreciable business assets. Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that reduce capital gain and dividend tax rates and estate and gift taxation. Requires the House Committee on Ways and Means to prioritize the reporting of legislation that would: (1) simplify the Internal Revenue Code, (2) eliminate deductions that unjustly benefit corporations and special interests, and (3) consider proposals that will disincentivize and eliminate tax shelters. Calls for Congress to reauthorize the Workforce Investment Act of 1998 to improve, expand, and modernize job training and other employment-related programs under such Act.