FEDERAL OIL AND GAS ROYALTY PREPAYMENT CAP.

SEC. 305. FEDERAL OIL AND GAS ROYALTY PREPAYMENT CAP.(a) In General.—Section 111(i) of the Federal Oil and Gas Royalty Management Act of 1982 (30 U.S.C. 1721(i)) is amended by striking “(i) Upon” and all that follows through “For purposes” and inserting the following:“(i) Limitation on Interest.—“(1) In general.—Interest shall not be paid on any excessive overpayment.“(2) Excessive overpayment defined.—For purposes”.(b) Effective Date.—The amendment made by subsection (a) shall take effect on July 1, 2014.