(1) Except as provided in Subsection (2), there shall be deposited into the Navajo Revitalization Fund established in Section 35A-8-1704 for taxes imposed under this part beginning on July 1, 1997:

1. (a) 33% of the taxes collected on oil, gas, or other hydrocarbon substances produced from a well:

   1. (i) for which production began on or before June 30, 1996; and
   2. (ii) attributable to interests in Utah held in trust by the United States for the Navajo Nation and its members; and

2. (b) 80% of the taxes collected on oil, gas, or other hydrocarbon substances produced from a well:

   1. (i) for which production began on or after July 1, 1996; and
   2. (ii) attributable to interests in Utah held in trust by the United States for the Navajo Nation and its members.

(2)

1. (a) The maximum amount deposited in the Navajo Revitalization Fund may not exceed:

   1. (i) $2,000,000 in fiscal year 2006-07; and
   2. (ii) $3,000,000 for fiscal years beginning with fiscal year 2007-08.
2. (b) Any amounts in excess of the maximum described in Subsection (2)(a) shall be deposited into the General Fund.