State Mineral Revenue Protection Act - Amends the Mineral Leasing Act to direct the Secretary of the Interior, on the request of a state (other than Alaska) and in lieu of any payments to the state under the Federal Oil and Gas Royalty Management Act of 1982, to convey to the state all right, title, and interest in and to 50% of all amounts otherwise required to be paid into the Treasury from sales, bonuses, royalties (including interest charges), and rentals for all public land or deposits located in the state. (Current law requires payment to a state of 50% of all money derived from such sales, bonuses, royalties, and rentals.)
Requires the Secretary to convey to Alaska, upon its request, all right, title, and interest in and to 90% of all such amounts otherwise required to be paid into the Treasury from sales, bonuses, royalties (including interest charges), and rentals for all public land or deposits located in Alaska.
Requires any person, after a conveyance under this Act, to pay directly to the state any amount the person owes for which the right, title, and interest has been conveyed to the state.
Requires the Secretary to provide prompt notice of any such conveyance, and the duty to make direct payments to the state involved, to each holder of a lease of public land to which this Act applies.