Utah Code 51-9-307 v2. New Severance Tax Revenue Special Revenue Fund
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(1) As used in this section:
Terms Used In Utah Code 51-9-307 v2
- 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
(1)(a) “Fund” means the New Severance Tax Revenue Special Revenue Fund created in this section.
(1)(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:
(2)(a) money deposited by the State Tax Commission in accordance with this section; and
(2)(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.