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Utah Code Title 51. Public Funds and Accounts § 51-9-307. New Severance Tax Revenue Special Revenue Fund

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective Jan. 1, 2025. See, also, section 51-9-307 effective until Jan. 1, 2025.>

(1) As used in this section:

(a) “Fund” means the New Severance Tax Revenue Special Revenue Fund created in this section.

(b) “New revenue” means revenue collected above $100,000,000 from the taxes imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, after subtracting the amounts required to be distributed under Sections 51-9-305, 51-9-306, 59-5-116, 59-5-119, and 59-5-121 and under Subsection 59-5-202(5)(c).

(2) There is created a special revenue fund known as the “New Severance Tax Revenue Special Revenue Fund” that consists of:

(a) money deposited by the State Tax Commission in accordance with this section; and

(b) interest earned on the money in the fund.

(3) Beginning July 1, 2021, the State Tax Commission shall deposit into the fund 100% of new revenue until the new revenue equals or exceeds $200,000,000 in a fiscal year.

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Cite this article: FindLaw.com - Utah Code Title 51. Public Funds and Accounts § 51-9-307. New Severance Tax Revenue Special Revenue Fund - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-51-public-funds-and-accounts/ut-code-sect-51-9-307/

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