Ocean Mining Incentive Act

Ocean Mining Incentive Act - Directs the Secretary of Commerce to establish an Office of Ocean Mining Incentives in the National Oceanic and Atmospheric Administration. Directs the Office to establish a program of Federal insurance against ocean mining losses suffered during prototype operations.

Specifies conditions and limitations with respect to such insurance coverage. Stipulates that such coverage may not exceed $100,000,000 in aggregate to any single firm. Stipulates that only those firms which have engaged in ocean mining research and development for at least five years and have expended at least $20,000,000 with respect to such activities shall be eligible for coverage. Directs the Administrator of the National Oceanic and Atmospheric Administration to accelerate environmental assessment of deep seabed mining through preparation of a general programmatic environmental impact statement as required by the National Environmental Policy Act. Requires the use of such assessment as a basis for regulations governing the conduct of prototype mining operations.

Imposes civil and criminal penalties upon ocean mining operations for violations of environmental requirements established by this Act or for unreasonable interference with lawful use of the high seas by any person. Authorizes injunctive relief in the United States district courts to prevent serious or irreparable damage to the marine environment from prototype operations or to prevent unreasonable interference with lawful uses.

Expresses the support of Congress for the objectives of the United States Conference on the Law of the Sea. Declares it the sense of Congress that this Act be considered transitional in nature pending implementation of future diplomatic or legislative proposals.

Authorizes the appropriation of such sums as necessary for (1) the administration of this Act, and (2) for the ocean mining insurance fund established by this Act.