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S.B. 111 Enrolled

             1     

REPEAL OF SEVERANCE TAX HOLDING

             2     
ACCOUNT

             3     
2010 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Lyle W. Hillyard

             6     
House Sponsor: John Dougall

             7     
             8      LONG TITLE
             9      General Description:
             10          This bill amends the Funds and Accounts Act to repeal the Severance Tax Holding
             11      Account and related provisions.
             12      Highlighted Provisions:
             13          This bill:
             14          .    repeals the Severance Tax Holding Account and related provisions;
             15          .    renames the part title to reflect the repeal of the Severance Tax Holding Account;
             16      and
             17          .    makes technical and conforming changes.
             18      Monies Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          None
             22      Utah Code Sections Affected:
             23      AMENDS:
             24          51-9-202, as last amended by Laws of Utah 2009, Chapter 183
             25          51-9-301, as renumbered and amended by Laws of Utah 2008, Chapter 382
             26          51-9-302, as renumbered and amended by Laws of Utah 2008, Chapter 382
             27      REPEALS:
             28          51-9-304, as last amended by Laws of Utah 2008, Chapters 141, 216 and renumbered
             29      and amended by Laws of Utah 2008, Chapter 382


             30     
             31      Be it enacted by the Legislature of the state of Utah:
             32          Section 1. Section 51-9-202 is amended to read:
             33           51-9-202. Permanent state trust fund.
             34          (1) Until July 1, 2003, 50% of all funds of every kind that are received by the state
             35      that are related to the settlement agreement that the state entered into with leading tobacco
             36      manufacturers on November 23, 1998, shall be deposited into the permanent state trust fund
             37      created by and operated under Utah Constitution Article XXII, Section 4.
             38          (2) On and after July 1, 2003 and until July 1, 2004 20% of the funds of any kind
             39      received by the state that are related to the settlement agreement that the state entered into with
             40      leading tobacco manufacturers shall be deposited into the permanent state trust fund created
             41      by and operated under Utah Constitution Article XXII, Section 4.
             42          (3) On and after July 1, 2004 and until July 1, 2005, 30% of all funds of any kind
             43      received by the state that are related to the settlement agreement that the state entered into with
             44      leading tobacco manufacturers shall be deposited into the General Fund Budget Reserve
             45      Account created in Section 63J-1-312 .
             46          (4) On and after July 1, 2005 and until July 1, 2007, 25% of all funds of any kind
             47      received by the state that are related to the settlement agreement that the state entered into with
             48      leading tobacco manufacturers shall be deposited into the permanent state trust fund created
             49      by and operated under Utah Constitution Article XXII, Section 4.
             50          (5) On and after July 1, 2007, 40% of all funds of every kind that are received by the
             51      state that are related to the settlement agreement that the state entered into with leading
             52      tobacco manufacturers on November 23, 1998, shall be deposited into the permanent state
             53      trust fund created by and operated under Utah Constitution Article XXII, Section 4.
             54          (6) Funds in the permanent state trust fund shall be deposited or invested pursuant to
             55      Section 51-7-12.1 .
             56          (7) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest and
             57      dividends earned annually from the permanent state trust fund shall be deposited in the


             58      General Fund. There shall be transferred on an ongoing basis from the General Fund to the
             59      permanent state trust fund created under Utah Constitution Article XXII, Section 4, an amount
             60      equal to 50% of the interest and dividends earned annually from the permanent state trust
             61      fund. The amount transferred into the fund under this Subsection (7)(a) shall be treated as
             62      principal.
             63          (b) Any annual interest or dividends earned from the permanent state trust fund that
             64      remain in the General Fund after Subsection (7)(a) may be appropriated by the Legislature.
             65          (c) Any realized or unrealized gains or losses on investments in the permanent state
             66      trust fund shall remain in the permanent state trust fund.
             67          (8) This section does not apply to funds deposited under Chapter 9, Part 3,
             68      Infrastructure and Economic Diversification Investment Account [and Severance Tax Holding
             69      Account] and Deposit of Certain Severance Taxes into Permanent State Trust Fund Act, into
             70      the permanent state trust fund.
             71          Section 2. Section 51-9-301 is amended to read:
             72     
Part 3. Infrastructure and Economic Diversification Investment Account

             73     
and Deposit of Certain Severance Taxes into Permanent State Trust Fund Act

             74           51-9-301. Title.
             75          This part is known as the "Infrastructure and Economic Diversification Investment
             76      Account [and Severance Tax Holding Account] and Deposit of Certain Severance Taxes into
             77      Permanent State Trust Fund Act."
             78          Section 3. Section 51-9-302 is amended to read:
             79           51-9-302. Definitions.
             80          As used in this part:
             81          (1) "Infrastructure and Economic Diversification Investment Account" means the
             82      Infrastructure and Economic Diversification Investment Account created in Section 51-9-303 .
             83          (2) "Permanent state trust fund" means the permanent state trust fund created under
             84      Utah Constitution Article XXII, Section 4.
             85          [(3) "Severance Tax Holding Account" means the Severance Tax Holding Account


             86      created in Section 51-9-304 .]
             87          Section 4. Repealer.
             88          This bill repeals:
             89          Section 51-9-304, Creation of Severance Tax Holding Account -- Distribution of
             90      funds in the account.


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