Utah Code Ann. § 51-9-307 – New Severance Tax Revenue Special Revenue Fund. | Midpage
§ 51-9-307
Utah Code Ann. § 51-9-307
New Severance Tax Revenue Special Revenue Fund.
Effective Jan 1, 2025Repealed by Chapter 493, 2026 General Session
(1) As used in this section:
(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 and under Subsection 59-5-202(5)(c).
(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.