Superseded 7/1/2023)
Superseded 7/1/2023
53F-9-302. Minimum Basic Growth Account.
| (1) |
As used in this section, “account” means the Minimum Basic Growth Account created in this section. |
Terms Used In Utah Code 53F-9-302
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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) |
There is created within the Income Tax Fund a restricted account known as the “Minimum Basic Growth Account.” |
| (3) |
The account shall be funded by amounts deposited into the account in accordance with Section 53F-2-301 or 53F-2-301.5, as applicable. |
| (4) |
The account shall earn interest. |
| (5) |
Interest earned on the account shall be deposited into the account. |
| (6) |
Upon appropriation by the Legislature:
| (a) |
75% of the money from the account shall be used to fund the state‘s contribution to the voted local levy guarantee described in Section 53F-2-601; |
| (b) |
20% of the money from the account shall be used to fund the Capital Outlay Foundation Program as provided in Section 53F-3-202; and |
| (c) |
5% of the money from the account shall be used to fund the Capital Outlay Enrollment Growth Program as provided in Section 53F-3-203. |
|
Amended by Chapter 456, 2022 General Session
