2011 Utah Code
Title 51 Public Funds and Accounts
Chapter 9 Funds and Accounts Act
Section 305 Crediting of certain severance tax revenues to the permanent state trust fund.

51-9-305. Crediting of certain severance tax revenues to the permanent state trust fund.
(1) (a) After making the distributions of oil and gas severance tax revenues as required under Sections 59-5-116 and 59-5-119, the Division of Finance shall make the distributions required under Subsections (2) through (5).
(b) For purposes of this section, revenue collected from severance taxes on oil and gas imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, does not include revenue that is distributed under Section 59-5-116 or 59-5-119.
(2) (a) Beginning with fiscal year 2008-09 and ending with fiscal year 2010-11, if authorized by law, the Division of Finance shall credit to the permanent state trust fund all revenue collected in a fiscal year from severance taxes on oil and gas imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, that exceed $71,000,000.
(b) Beginning with fiscal year 2011-12, if authorized by law, the Division of Finance shall credit to the permanent state trust fund all revenue collected in a fiscal year from severance taxes on oil and gas imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, that exceed $77,000,000.
(3) Beginning with fiscal year 2008-09, if authorized by law, the Division of Finance shall credit to the permanent state trust fund all revenue collected in a fiscal year from severance taxes on mining imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, that exceed $27,600,000.
(4) The state treasurer shall invest and separately account for the earnings on funds that are deposited into the permanent state trust fund under this section.
(5) (a) In accordance with Utah Constitution Article XXII, Section 4, the interest and dividends earned annually on revenue from severance taxes that are deposited into the permanent state trust fund shall be deposited in the General Fund.
(b) Interest and dividends earned on revenue from severance taxes that are deposited in the General Fund pursuant to Subsection (5)(a) shall be credited to the Infrastructure and Economic Diversification Investment Account created in Section 51-9-303.