2005 Idaho Code - 47-332 — DISTRIBUTION OF REVENUES

                                  TITLE  47
                               MINES AND MINING
                                  CHAPTER 3
                        OIL AND GAS WELLS -- GEOLOGIC
                     INFORMATION, AND PREVENTION OF WASTE
    47-332.  DISTRIBUTION OF REVENUES. (1)  It shall be the duty of the state
tax commission to enforce collection of the tax imposed by section 47-331,
Idaho Code, and to make such rules and regulations as may be necessary,
pursuant to the provisions of chapter 52, title 67, Idaho Code.
    (2)  An amount equal to five percent (5%) of the amount deposited in the
oil and gas conservation account, but not in excess of fifty thousand dollars
($50,000) shall be retained in this account as an "oil and gas production tax
refund account" for the purpose of repaying overpayments made under this act
and for the purpose of paying any other erroneous receipts illegally assessed
or collected, penalties collected without authority and taxes and other
amounts unjustly assessed, and such additional amounts as the tax commission
may be required to pay in conjunction with payments of such refunds. There is
hereby appropriated from this account so much thereof as may be necessary for
the payment of the refunds as provided herein.
    (3)  An amount of money necessary to pay the costs incurred by the state
tax commission in conjunction with the administration and enforcement of this
act shall be appropriated annually from the oil and gas conservation account
to the state tax commission.
    (4)  The balance remaining in the oil and gas conservation account shall
be distributed no less frequently than quarterly, based upon collections from
the previous quarter, as follows:
    (a)  Fourteen percent (14%) is hereby appropriated and shall be paid to
    the current expense fund of the county from which the oil or gas was
    produced;
    (b)  Fourteen percent (14%) is hereby appropriated and shall be paid to
    the cities within the county from which the oil or gas was produced. Such
    funds shall be distributed to each city based upon the proportion that the
    city's population bears to the total population of all of the cities
    within the county;
    (c)  Fourteen percent (14%) is hereby appropriated and shall be paid to
    the public school income fund;
    (d)  Eight percent (8%) shall be transferred to the local economic
    development account which is hereby created in the agency asset fund to
    provide assistance in those counties which are experiencing a severe
    economic hardship due to the cutback or closure of business and industry
    associated with oil or gas production; and
    (e)  Fifty percent (50%) shall be transferred to the state general
    account.