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HB 210 - Restricts the Use of Severance Tax Revenue - Utah Key Vote

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Title: Restricts the Use of Severance Tax Revenue

Vote Smart's Synopsis:

Vote to pass a bill that requires revenue from the severance tax on oil, gas and mining be removed from the state's general fund and credited to the permanent state trust fund.

Highlights:

  • Requires that the state trust fund be credited revenue from the severance tax on oil, gas, and mining which exceeds (Sec. 2):
    • $76.72 million in the fiscal year 2012-13;
    • $57.54 million in the fiscal year 2013-14;
    • $38.36 million in the fiscal year 2014-15; and
    • $19.18 million in the fiscal year 2015-16.
  • Requires that all revenue from the severance tax on oil, gas and mining be credited to the permanent state trust fund beginning on July 1, 2016 (Sec. 2).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

Title: Restricts the Use of Severance Tax Revenue

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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