This bill increases funding for historic preservation efforts across the United States. Currently, the Historic Preservation Fund receives up to $150 million per year, but this bill doubles that to $300 million annually starting in 2026. The money comes from federal oil and gas revenues, and if those revenues fall short, the difference will be made up from the general Treasury.

The bill ensures that this funding is distributed fairly among different groups working on preservation. At least 40% of the money must go to State Historic Preservation Offices (which work on historic sites in each state), and at least 20% must go to Tribal Historic Preservation Offices (which protect sites important to Native American tribes). The amount going to tribal offices will automatically increase if more tribes establish their own preservation offices.

The money can be used for several specific programs, including efforts to preserve sites related to African American civil rights history, equal rights movements, and historic places from underrepresented communities. The bill also allows for grants that help revitalize historic buildings and neighborhoods. Once the money is appropriated, it becomes available to spend without additional approval each year, making it easier for preservation organizations to plan long-term projects. The President must report to Congress each year on how the money is being spent.