This text of Wyoming § 9-26-104 (Enhanced oil recovery stimulus account;
administration; fund transfers; severance tax reporting) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)There is created the enhanced oil recovery stimulus
account. Funds in the account shall be invested by the state
treasurer in accordance with law. All earnings earned on funds
within the account shall be deposited in the account. Subject to
subsection (b) of this section, funds within the account are
continuously appropriated to the governor to be expended only
for providing stimulus payments to carbon dioxide providers in
accordance with this chapter.
(b)If there is no expenditure of any funds from the
enhanced oil recovery stimulus account before July 1, 2034, then
all funds in the enhanced oil recovery stimulus account shall
revert to the legislative stabilization reserve account on July
1, 2034.
(c)Not later than August 1, 2025 and each August 1
thereafter, the department of reve
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(a) There is created the enhanced oil recovery stimulus
account. Funds in the account shall be invested by the state
treasurer in accordance with law. All earnings earned on funds
within the account shall be deposited in the account. Subject to
subsection (b) of this section, funds within the account are
continuously appropriated to the governor to be expended only
for providing stimulus payments to carbon dioxide providers in
accordance with this chapter.
(b) If there is no expenditure of any funds from the
enhanced oil recovery stimulus account before July 1, 2034, then
all funds in the enhanced oil recovery stimulus account shall
revert to the legislative stabilization reserve account on July
1, 2034.
(c) Not later than August 1, 2025 and each August 1
thereafter, the department of revenue shall report to the
governor, the state auditor, the authority, the joint
appropriations committee and the joint minerals, business and
economic development interim committee on the amount of
severance taxes remitted to the department under W.S. 39-14-
204(a)(iv), plus one-half (1/2) of the amount of severance tax
remitted under W.S. 39-14-204(a)(iii), as a result of crude oil
and natural gas produced using enhanced oil and gas recovery
techniques and using captured carbon dioxide for which a
stimulus is provided under this chapter. The authority shall
report the amount of the stimulus provided under this chapter,
including any adjustments made to the amount of the stimulus
under W.S. 9-26-102(c).
(d) Not later than September 1, 2025 and each September 1
thereafter, the state auditor shall transfer the amount of funds
remitted to and reported by the department of revenue under
subsection (c) of this section for the immediately preceding
fiscal year from the general fund to the accounts specified in
this subsection, in accordance with the following:
(i) The state auditor shall adjust the amount
transferred under this subsection based on any adjustments made
to the amount of the stimulus under W.S. 9-26-102(c);
(ii) Funds shall be first transferred to the enhanced
oil recovery stimulus account, provided that any transfer under
this paragraph shall not exceed the amount necessary to bring
the balance of the enhanced oil recovery stimulus account to a
balance of ten million dollars ($10,000,000.00) until all
transfers required under paragraph (iii) of this subsection are
completed;
(iii) After transfers are made under paragraph (ii)
under this subsection, any remaining funds shall be transferred
to the legislative stabilization reserve account. No transfers
shall be made under this paragraph after a total of ten million
dollars ($10,000,000.00) is transferred to the legislative
stabilization reserve account under this paragraph.