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

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

(1)

As used in this section:

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

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

(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.

(2)

There is created a special revenue fund known as the “New Severance Tax Revenue Special Revenue Fund” that consists of:

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

(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.

Amended by Chapter 537, 2023 General Session