Severance tax distribution-1.

WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0534

HOUSE BILL
NO.
HB0209

Severance tax distribution-1.

Sponsored by:
Representative(s) Anderson, R., Cohee, Hammons, Harshman, Illoway, Miller, Steward and Walsh and Senator(s) Geis and Mockler

A BILL

for

AN ACT relating to taxation and revenue; providing for distribution of certain severance taxes as specified; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 9
‑
2
‑
1014.1(b) and 39
‑
14
‑
801(b) and (d)(intro) and by creating a new subsection (f) are amended to read:

9
‑
2
‑
1014.1.

State budget; requests by recipients of certain earmarked funds for additional funding from the budget reserve account.

(b)

The total amount available for the purpose of this section shall be the estimated deposits into the budget reserve account for the next biennial budget period under W.S. 9
‑
4
‑
601(d)(iv) and 39
‑
14
‑
801(d)(ii)
and (f)
.

39
‑
14
‑
801.

Severance tax distributions; distribution account created; formula.

(b)

Before making distributions from the severance tax distribution account under subsections (c) through
(e)
(f)
of this section, an amount equal to two-thirds (2/3) of the amount of tax collected under W.S. 39
‑
14
‑
104(a)(i) and (b)(i) and 39
‑
14
‑
204(a)(i) for the same period shall be deposited into the permanent Wyoming mineral trust fund.

(d)

After making distributions under subsections (b) and (c) of this section, distributions under subsection (e) of this section shall be made from the severance tax distribution account. The amount of distributions under subsection (e) of this section shall not exceed one hundred fifty-five million dollars ($155,000,000.00) in any fiscal year. To the extent that distributions under subsection (e) of this section would exceed
that amount
one hundred fifty-five million dollars ($155,000,000.00) but be less than or equal to double the amount of revenue specified in subsection (a) of this section
in any fiscal year, the excess shall be
credited
distributed
:

(f)

To the extent that the amount of distributions under subsections (d) and (e) of this section would exceed double the amount of revenue
specified
in subsection (a) of this section in any fiscal year, the excess shall be credited as follows:

(i)

Fifty percent (50%) shall be distributed as provided by paragraphs (d)(i) and (ii) of this section;

(ii)

Fifty percent (50%) shall be distributed as provided by paragraphs (e)(i) through (x) of this section.

Section 2.

This act is effective July 1, 2007.

(END)

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HB0209