Utah Statutes
§ 59-5-115 — Disposition of taxes collected -- Credit to General Fund.
Utah·Title 59 Revenue and Taxation·Ch. 59-5 Severance Tax on Oil, Gas, and Mining·Part 59-5-1 Oil and Gas Severance Tax
(1)As used in this section, "above-trend revenue" means the amount by which the actual revenue from the oil and gas severance tax deposited into the General Fund under Subsection (2) exceeds the long-term trend of oil and gas severance tax revenue to the General Fund as determined by the Office of the Legislative Fiscal Analyst and the Governor's Office of Planning and Budget.
(2)Except as provided in Section 51-9-305, 51-9-306, 51-9-307, 59-5-116, 59-5-119, or 59-5-121, a tax imposed and collected under Section 59-5-102 shall be paid to the commission, promptly remitted to the state treasurer, and credited to the General Fund.
(3)The Division of Finance shall transfer above-trend revenue up to $20 million from the General Fund into the Transportation Investment Fund each year beginning
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Utah § 59-5-115 (Disposition of taxes collected -- Credit to General Fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Chapter 446, 2023 General Session; Amended by Chapter 537, 2023 General Session
Nearby Sections
15
§ 59-1-1001
Statement of taxpayer rights.§ 59-1-1002
Audit interviews.§ 59-1-1003
Penalty waiver.§ 59-1-1004
Installment payments.§ 59-1-1005
Suits against commission and its employees.§ 59-1-101
Definitions.§ 59-1-103
Income Tax Surplus Restricted Account.§ 59-1-1101
Private collection of tax -- Fee.§ 59-1-1302
Definitions.