A bill to amend the Outer Continental Shelf Lands Act to authorize certain revenues from leases on the Outer Continental Shelf to be made available to coastal States.

Revises the Outer Continental Shelf Lands Act to allocate to the coastal States 37 1/2 percent of all rentals and royalties paid in connection with any lease on the Outer Continental Shelf. Exempts from such requirement funds credited to the Land and Water Conservation Fund. States that the proportion of the total amount set aside which shall be distributed to any coastal State shall bear the same ratio to such total amount as the amount of production sold from deposits adjacent to such coastal State.