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Energy

BRIEFLY

August 14, 1996|Times Staff and Wire Reports

President Clinton Signs Royalty Bill: The law is designed to speed up and simplify the government's collection of royalties from oil and gas companies and give states a bigger role in pursuing the $4 billion in royalties due each year. Oil and gas companies sought the measure, saying they want the royalty-collection system streamlined to cut administrative costs and bureaucratic hassles. The new law puts a seven-year statute of limitations on royalty collections, a measure designed to speed the appeals process, and it provides for companies that have paid too much in royalties to receive interest. The law also broadens the Interior Department's ability to allow states to collect royalties themselves.

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