51-9-305 - Crediting of certain severance tax revenues to the permanent state trust fund. - Utah Statutes

51-9-305. Crediting of certain severance tax revenues to the permanent state trustfund.
(1) (a) After making the distributions of oil and gas severance tax revenues as requiredunder Sections 59-5-116 and 59-5-119, the Division of Finance shall make the distributionsrequired under Subsections (2) through (5).
(b) For purposes of this section, revenue collected from severance taxes on oil and gasimposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, does not includerevenue that is distributed under Section 59-5-116 or 59-5-119.
(2) Beginning with fiscal year 2008-09, if authorized by law, the Division of Financeshall credit to the permanent state trust fund all revenue collected in a fiscal year from severancetaxes on oil and gas imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining,that exceed $71,000,000.
(3) Beginning with fiscal year 2008-09, if authorized by law, the Division of Financeshall credit to the permanent state trust fund all revenue collected in a fiscal year from severancetaxes on mining imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, thatexceed $27,600,000.
(4) The state treasurer shall invest and separately account for the earnings on funds thatare deposited into the permanent state trust fund under this section.
(5) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest anddividends earned annually on revenue from severance taxes that are deposited into the permanentstate trust fund shall be deposited in the General Fund.
(b) Interest and dividends earned on revenue from severance taxes that are deposited inthe General Fund pursuant to Subsection (5)(a) shall be credited to the Infrastructure andEconomic Diversification Investment Account created in Section 51-9-303.

Enacted by Chapter 141, 2008 General Session