Utah § 59-5-115 Disposition of taxes collected -- Credit to General Fund.

Utah Statutes

§ 59-5-115 — Disposition of taxes collected -- Credit to General Fund.

Utah § 59-5-115

Title 59Revenue and Taxation

Ch. 59-5Severance Tax on Oil, Gas, and Mining

Part 59-5-1Oil and Gas Severance Tax

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Bluebook

Utah Code Ann. § 59-5-115 (2026).

Text

(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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(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 in the fiscal year beginning July 1, 2023, until the amount deposited into the Transportation Investment Fund totals $88.5 million.