Utah § 51-9-307 New Severance Tax Revenue Special Revenue Fund.

Utah Statutes

§ 51-9-307 — New Severance Tax Revenue Special Revenue Fund.

Utah § 51-9-307

Title 51Public Funds and Accounts

Ch. 51-9Funds and Accounts Act

Part 51-9-3Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act

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Bluebook

Utah Code Ann. § 51-9-307 (2026).

Text

(1)As used in this section:

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

(1)(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:

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

(2)(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 reven

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(1) As used in this section:
(1)(a) "Fund" means the New Severance Tax Revenue Special Revenue Fund created in this section.
(1)(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:
(2)(a) money deposited by the State Tax Commission in accordance with this section; and
(2)(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.