Gulf Coast Economic and Tourism Restoration Act - Establishes in the Treasury the Gulf Coast Economic Restoration Fund. Requires transfer into such Fund of not less than 40% of all amounts collected as federal penalties, settlements, or fines in relation to the Gulf of Mexico oil spill caused by the Deepwater Horizon drilling unit that began on April 20, 2010.
Establishes the Gulf Coast Economic Restoration Task Force. Directs the Task Force to use the Fund for activities related to Gulf coast economic development and tourism promotion, by way of grants to the Gulf states of Alabama, Florida, Louisiana, Mississippi, and Texas. Prohibits any state from receiving less than 5% or more than 30% of available amounts.
Requires a report from the governors of each Gulf state to Congress describing their use of such funds.