(1)For purposes
of this section, over-refund means a refund of state revenues that occurs when,
through one or more mechanisms utilized pursuant to law to refund state revenues
in excess of the limitation on state fiscal year spending for any given fiscal year, the
amount of state revenues actually refunded during any given fiscal year exceeds
the amount of state revenues in excess of the limitation on state fiscal year
spending for the immediately preceding fiscal year required to be refunded without
making any calculations or reductions as otherwise provided in this section.
(2)The amount of any over-refunds actually made in a fiscal year
commencing on or after July 1, 2001, that have not been used to reduce the amount
of state revenues in excess of the limitation on state fi
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(1) For purposes
of this section, over-refund means a refund of state revenues that occurs when,
through one or more mechanisms utilized pursuant to law to refund state revenues
in excess of the limitation on state fiscal year spending for any given fiscal year, the
amount of state revenues actually refunded during any given fiscal year exceeds
the amount of state revenues in excess of the limitation on state fiscal year
spending for the immediately preceding fiscal year required to be refunded without
making any calculations or reductions as otherwise provided in this section.
(2) The amount of any over-refunds actually made in a fiscal year
commencing on or after July 1, 2001, that have not been used to reduce the amount
of state revenues in excess of the limitation on state fiscal year spending for said
fiscal year in accordance with the provisions of this section shall be carried forward
as a reduction of subsequent fiscal years' state revenues in excess of the limitation
on state fiscal year spending and shall be applied first to the earliest fiscal years
possible.
(3) For the fiscal year commencing on July 1, 2004, the controller shall:
(a) Calculate state fiscal year spending for the fiscal year in accordance with
the provisions of section 24-77-103 without making any reduction in state fiscal
year spending for the amount of over-refunds actually made in said fiscal year or
for the amount of any over-refunds made in the fiscal years commencing on or after
July 1, 2001, but prior to July 1, 2004, that have been carried forward to said fiscal
year in accordance with subsection (2) of this section; and
(b) Reduce the sum of the amount of state revenues in excess of the
limitation on state fiscal year spending for said fiscal year and the amount of any
unrefunded state revenues in excess of the limitation on state fiscal year spending
for the fiscal years commencing on or after July 1, 2001, but prior to July 1, 2004,
that have been carried forward to said fiscal year in accordance with section 24-77-103.8 (3) by an amount equal to the sum of the amount of over-refunds actually
made in said fiscal year and the amount of any over-refunds made in the fiscal
years commencing on or after July 1, 2001, but prior to July 1, 2004, that have been
carried forward to said fiscal year in accordance with subsection (2) of this section;
however, the amount of said reduction shall not exceed the amount of state
revenues in excess of the limitation on state fiscal year spending for said fiscal
year.
(4) For fiscal years commencing on or after July 1, 2005, the controller shall:
(a) Calculate state fiscal year spending for the fiscal year in accordance with
the provisions of section 24-77-103 without making any reduction in state fiscal
year spending for the amount of over-refunds actually made in said fiscal year or
for the amount of any over-refunds made in previous fiscal years that have been
carried forward to said fiscal year in accordance with subsection (2) of this section;
and
(b) Reduce the sum of the amount of state revenues in excess of the
limitation on state fiscal year spending for the fiscal year and the amount of any
unrefunded state revenues in excess of the limitation on state fiscal year spending
for previous fiscal years that have been carried forward to said fiscal year in
accordance with section 24-77-103.8 (3) by an amount equal to the sum of the
amount of over-refunds actually made in said fiscal year and the amount of any
over-refunds made in previous fiscal years that have been carried forward to said
fiscal year in accordance with subsection (2) of this section; however, the amount of
said reduction shall not exceed the amount of state revenues in excess of the
limitation on state fiscal year spending for said fiscal year.
(5) All calculations and reductions made by the controller pursuant to this
section shall be subject to review by the state auditor.