Provides that the use of geothermal resources for commercial electricity production is not subject to certain appropriation procedures if the use takes place in a closed loop system that is connected to and integrated into a commercial electricity production project that meets certain requirements.

Provides for the allocation of revenues distributed to the state under the mineral lands leasing act of 1920, with respect to activities of the United States bureau of land management undertaken pursuant to the geothermal steam act of 1970.

Creates the geothermal account.

Gives responsibility to the state treasurer for distribution of funds to the county of origin.