; and (D) by adding at the end the following: (I) A method to give special consideration in reviewing proposals to projects with either direct or indirect coastal or marine blue carbon benefits and an accounting methodology to quantify these benefits for the purposes of the annual report required under section 907. . (2) Grants to coastal States Subsection (b) of section 906 of such Act ( 16 U.S.C. 7505 ) is amended to read as follows: (b) Grants to coastal States (1) In general Subject to section 904(d)(1) and paragraphs (3) and (4) of this subsection, the Administrator and the Foundation shall award grants to eligible coastal States based on the following formula: (A) 50 of the funds are allocated equally among such coastal States. (B) 25 percent of the funds are allocated on the basis of the ratio of tidal shoreline miles in a coastal State to the tidal shoreline miles of all coastal States. (C) 25 percent of the funds are allocated on the basis of the ratio of population density of the coastal counties of a coastal State to the average population density of all coastal counties based on the most recent data available by the U.S. Census Bureau. (2) Eligible coastal States For purposes of this subsection, an eligible coastal State is any coastal state as defined in section 304 of the Coastal Zone Management Act of 1972 ( 16 U.S.C. 1453 ). (3) Maximum allocation to States Notwithstanding paragraph (1), not more than 5 percent of the total funds distributed under this subsection may be allocated to any single State. Any amount exceeding this limit shall be redistributed equally among the remaining eligible coastal States. (4) Requirement to submit plans (A) In general To be eligible to receive a grant under this subsection, an eligible coastal State shall submit to the Administrator for review and approval, a 5-year plan, which shall include the following: (i) Criteria to determine eligibility for entities which may receive grants under this subsection. (ii) A description of the competitive process the coastal