S.B. 107 Fourth Substitute - Oil and Gas Severance Tax Amendments

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Bill

Oil and Gas Severance Tax Amendments

Number: S.B. 107 Fourth Substitute (2023GS)
Sponsor: Sen. Winterton, R.
Final action: Governor Signed 3/20/2023
Outcome: Became law — signed by Gov. Spencer J. Cox

Summary

This bill modifies provisions related to oil and gas severance tax.

What it does

This bill:
defines terms;
directs the Division of Finance to transfer portions of the oil and gas severance tax to the Transportation Investment Fund; and
makes technical and conforming changes.

Every vote on this bill

1/25/2023Senate Comm - Substitute Recommendation from # 0 to # 1

Senate Revenue and Taxation Committee

5 0 3not eligible / no record

1/25/2023Senate Comm - Favorable Recommendation

Senate Revenue and Taxation Committee

5 0 3not eligible / no record

2/6/2023Senate/ substituted from # 1 to # 2

Senate 2nd Reading Calendar

Voice votenot eligible / no record

2/6/2023Senate/ passed 2nd reading

Senate 3rd Reading Calendar

23 1 5not eligible / no record

2/7/2023Senate/ passed 3rd reading

Clerk of the House

21 6 2not eligible / no record

2/27/2023House Comm - Substitute Recommendation from # 2 to # 3

House Revenue and Taxation Committee

12 0 1not eligible / no record

2/27/2023House Comm - Favorable Recommendation

House Revenue and Taxation Committee

8 4 1not eligible / no record

3/1/2023House/ circled

House 3rd Reading Calendar for Senate bills

Voice votenot eligible / no record

3/1/2023House/ uncircled

House 3rd Reading Calendar for Senate bills

Voice votenot eligible / no record

3/1/2023House/ substituted from # 3 to # 4

House 3rd Reading Calendar for Senate bills

Voice votenot eligible / no record

3/1/2023House/ passed 3rd reading

Senate Secretary

54 14 7YEA

3/2/2023Senate/ concurs with House amendment

House Speaker

19 7 3not eligible / no record

Bill text

enrolled version · official source

OIL AND GAS SEVERANCE TAX AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Ronald M. Winterton
House Sponsor:
Keven J. Stratton
LONG TITLE
General Description:
This bill modifies provisions related to oil and gas severance tax.
Highlighted Provisions:
This bill:
▸ defines terms;
▸ directs the Division of Finance to transfer portions of the oil and gas severance tax
to the Transportation Investment Fund; and
▸ makes technical and conforming changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
59-5-115
, as last amended by Laws of Utah 2021, Chapter 401
Be it enacted by the Legislature of the state of Utah:
Section 1. Section
59-5-115
is amended to read:
59-5-115.
Disposition of taxes collected -- Credit to General Fund.
(1) As used in this section, "above-trend revenue" means the amount by which the
actual revenue from the oil and gas severance tax deposited into the General Fund under
Subsection (2) exceeds the long-term trend of oil and gas severance tax revenue to the General
Fund as determined by the Office of the Legislative Fiscal Analyst and the Governor's Office of
Planning and Budget.
(2)
Except as provided in Section
51-9-305
,
51-9-306
,
51-9-307
,
59-5-116
, or
59-5-119
, a tax imposed and collected under Section
59-5-102
shall be paid to the commission,
promptly remitted to the state treasurer, and credited to the General Fund.
(3) The Division of Finance shall transfer above-trend revenue up to $20 million from
the General Fund into the Transportation Investment Fund each year beginning in the fiscal
year beginning July 1, 2023, until the amount deposited into the Transportation Investment
Fund totals $88.5 million.