Outer Continental Shelf Impact Reimbursement Act

Outer Continental Shelf Impact Reimbursement Act - Title I: Findings and Purposes - Declares it to be the finding of Congress that coastal States, although they furnish governmental and other services to industries engaged in the exploitation of mineral deposits in the seabed adjacent to the State, receive no share of the revenue produced.

Declares it to be the purpose of this Act to provide States which are impacted by Outer Continental Shelf mineral industries, with equitable reimbursement for State services.

Title II: Definitions - Defines, under the Outer Continental Shelf Lands Act, additional terms introduced by this Act.

Title III: Equitable Allocation and Distribution of Outer Continental Shelf Resources as Compensation for Net Adverse Budgetary Impact of Offshore Development - Provides, under the Outer Continental Shelf Lands Act, for the disbursement of funds collected pursuant to this Act, to the Treasury of the United States, to the Local Government Fiscal Assistance Trust Fund, and to the Coastal State Impact Assistance Trust Fund.

Establishes the Coastal State Impact Assistance Trust Fund from which funds will be distributed to States to be used to counter the adverse budgetary impact of the exploration, development, and production of mineral resources in coastal areas adjacent to the recipient States.

Requires the Secretary of the Interior to submit to Congress within 180 days of the enactment of this Act a coastal State impact measurement plan. States that such plan shall set forth objective criteria by which the budgetary impact of Outer Continental Shelf mineral resource exploitation to a State may be measured. Sets forth certain factors to be considered in developing the criteria, including: (1) acreage leased; (2) expected volume of production; (3) probability of adverse environmental effect; and (4) impact of offshore development on the State population and government supplied services. Authorizes and directs all Federal departments and agencies to provide the Secretary with any information or data which may be of assistance in developing the criteria. Requires the Secretary: (1) to make public the proposed criteria within 60 days after enactment of this Act; (2) to conduct public hearings on the proposals; and (3) to submit the proposals to Governors of the coastal States.

Authorizes and directs the Secretary to make payments to qualifying States. Directs the Secretary to arrange an annual audit of the Impact Trust Fund by the General Accounting Office, and to publish an annual report on the status of such fund.