; or (II) south of the northernmost lateral seaward administrative boundary of the State of Florida. (B) Producing State The term producing State means each of the following States: (i) Virginia. (ii) North Carolina. (iii) South Carolina. (iv) Georgia. (v) Alaska. (C) Qualified revenues (i) In general The term qualified revenues means revenues derived from rentals, royalties, bonus bids, and other sums due and payable to the United States under oil and gas leases entered into on or after the date of the enactment of this Act for an area in a covered planning area. (ii) Exclusions The term qualified revenues does not include— (I) revenues from the forfeiture of a bond or other surety securing obligations other than royalties, civil penalties, or royalties taken by the Secretary in-kind and not sold; (II) revenues generated from leases subject to section 8(g); and (III) the portion of rental revenues in excess of those that would have been collected at the rental rates in effect before August 5, 1993. (2) Deposit of qualified revenues (A) Phase I With respect to qualified revenues under leases awarded under the first leasing program approved under section 18(a) that takes effect after the date of the enactment of this section, the Secretary of the Treasury shall deposit or allocate, as applicable— (i) 87.5 percent into the general fund of the Treasury; and (ii) 12.5 percent to States in accordance with paragraph (3). (B) Phase II With respect to qualified revenues under leases awarded under the second leasing program approved under section 18(a) that takes effect after the date of the enactment of this section, the Secretary of the Treasury shall deposit or allocate, as applicable— (i) 75 percent into the general fund of the Treasury