The Senate Environment and Public Works Committee will take up legislation next month that would dedicate a hefty portion of BP PLC's fines for last year's oil spill to Gulf states.

Sen. David Vitter (R-La.) said during a hearing this morning the panel would mark up legislation (S. 861) that he and Sen. Mary Landrieu (D-La.) introduced this spring to dedicate 80 percent of BP's penalty fees to states affected by the disaster after the July Fourth recess. Chairwoman Barbara Boxer (D-Calif.) confirmed the markup plan later this afternoon.

"We'll be laying out the parameters," Boxer told reporters in the Capitol. "It's going to be a very good bill. It's going to deal with the environmental damages as well as the economic damages, and it's a fair formula between the states and I'm pleased with that."

The penalty-sharing language is a rare area of consensus among Gulf Coast Democrats and Republicans.

"This is a great opportunity for the nation to do right by the Gulf Coast," Landrieu said earlier this spring. "It's a great opportunity for the polluters to step up and do the right thing."

Specifically, the measure would send 35 percent of the penalty money to the five Gulf Coast states -- Louisiana, Mississippi, Alabama, Florida and Texas -- affected by the spill to be used specifically for ecosystem restoration and to support the travel, tourism and seafood industries. The measure would use 60 percent of the penalty money to establish a federal-state council to direct coastal restoration. And 5 percent of the funds would be used to create a science and technology program focused on coastal restoration, protection and research to improve offshore energy development safety.

The Clean Water Act allows U.S. EPA to collect $1,100 to $4,300 in penalties for each barrel of oil spilled. Based on current federal estimates of 4.9 million barrels spilled, BP could face fines of $5.4 billion to $21.1 billion. Under current law, that money would be paid to the federal government.

House lawmakers are also behind the plan to share the funds with Gulf states. And the Obama administration and the president's oil spill commission have also endorsed the plan, but the measure has made little progress legislatively until now.

Boxer hinted that the measure would sail through the committee. "We have agreement among all the parties," she said.

Reporters Lawrence Hurley and Emily Yehle contributed.