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

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

(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.

Terms Used In Utah Code 59-5-115

Division: means the Division of Oil, Gas, and Mining established under Title 40, Chapter 6, Board and Division of Oil, Gas, and Mining. See Utah Code 59-5-101
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.
Gas: means :

(i)	natural gas;

(ii)	natural gas liquids; or

(iii)

any mixture of natural gas and natural gas liquids. See Utah Code 59-5-101

Oil: means :

(i)	crude oil;

(ii)	condensate; or

(iii)	any mixture of crude oil and condensate. See Utah Code 59-5-101 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
(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.

Amended by Chapter 446, 2023 General Session
Amended by Chapter 537, 2023 General Session

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