SF0048 - De-earmarking of severance taxes-distribution.
|
2001 |
State of Wyoming |
01LSO-0158 |
SENATE FILE NO. SF0048
De-earmarking of severance taxes-distribution.
Sponsored by: Senator(s) Hawks and Larson and
Representative(s)
Cohee
A BILL
for
1 AN ACT relating to the
administration of government;
2 modifying the plan for de-earmarking of
severance taxes as
3
specified; repealing a provision depositing specified
4
severance taxes to the permanent Wyoming mineral trust
5
fund; and providing for an effective date.
6
7 Be It Enacted by the Legislature of the State of Wyoming:
8
9 Section
1. W.S. 39-14-801 by creating a new
10 subsection (b) and amending and
renumbering subsections (b)
11 and (c) as (c) and (d) is amended to
read:
12
13 39-14-801. Severance tax distributions;
distribution
14 account created; formula.
15
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1 (b) [LUST] Before
making distributions from the
2 severance tax distribution account
under subsections (c)
3 and (d) of this section, an amount
equal to the amount of
4 tax collected under W.S. 39-17-104(c)
and 39-17-204(b) for
5 the same period shall be distributed
to the corrective
6 action account created by W.S. 35-11-1424
and to the
7 financial responsibility account
created by W.S. 35-11-1427
8 in an inverse proportion to the amount
in the two (2)
9 accounts.
10
11 (b)(c) After making distributions under subsection
12 (b)
of this section, distributions under subsection (d) of
13 this
section shall be made from the severance tax
14 distribution
account. The amount of distributions under
15 subsection
(d) of this section shall not exceed one hundred
16 forty-two
million dollars ($142,000,000.00) in any fiscal
17 year.
To the extent that deposits into the account
created
under
subsection (a) of this section exceed one hundred
fifty
million dollars ($150,000,000.00) distributions
under
20 subsection
(d) of this section would exceed that amount in
21 any fiscal year, the excess shall be
credited:
22
23 (i) One-third (1/3) to the general fund; and
24
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1 (ii) Two-thirds (2/3)
to the budget reserve
2 account, except that fifty percent
(50%) of the two-thirds
3 (2/3) shall be deposited into the
permanent Wyoming mineral
4 trust fund.
5
6 (c)(d) Deposits
into the account created by
7
subsection (a) of this section shall be distributed as
8
follows, subject to subsection subsections (b) and (c)
of
9
this section:
10
11 (i) To the
general fund, forty and twenty-five
hundredths
percent (40.25%) sixty-three percent
(63%);
13
14 (ii) To the budget reserve account, nineteen and
thirty-eight
hundredths percent (19.38%);
16
17 (iii)(ii) To water
development account I under
18 W.S. 41-2-124(a)(i), twelve and thirteen hundredths percent
(12.13%) twelve and eighty-five hundredths percent
20 (12.85%);
21
22 (iv)(iii) To water
development account II under
23 W.S. 41-2-124(a)(ii), one and eighty-six hundredths percent
(1.86%) two percent (2%);
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1
2 (v)(iv) To the highway fund, three and fifty-
three hundredths percent (3.53%) three and seventy-five
4 hundredths percent (3.75%),
except that if the total
5 unencumbered
revenues within the state park road account
6
created by W.S. 24-14-101 24-14-102 are less than five
7 hundred
thousand dollars ($500,000.00) on July 1, 2001 or
8 on
July 1 of any even-numbered year thereafter, the state
9
treasurer shall first distribute revenues to that account
10 in an amount equal to five hundred thousand
dollars
11 ($500,000.00) less the total unencumbered
revenues in the
12 account on July 1 of that year;
13
14 (vi)(v) To
counties, seventy-eight hundredths
percent
(0.78%) seventy-five hundredths percent
(0.75%),
16 subject to the following formula:
17
18 (A) Fifty
percent (50%) of the funds
19 distributed under this paragraph shall be
distributed to
20 the counties in the same proportion that the
population of
21 the county bears to the population of the
state as
22 determined by the most recent decennial
census; and
23
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1 (B) Fifty
percent (50%) of the funds
2
distributed under this subsection shall be distributed to
3 the
counties based upon the inverse of the assessed
4
valuation of each county as computed under subparagraph
5 (viii)(C) (vii)(C)
of this subsection.
6
7 (vii)(vi) To counties, two and seventy-five
hundredths percent (2.75%) three percent (3%), each county
9 to
receive an amount in the proportion which the population
10 of the county bears to total state
population, population
11 to be determined by resort to the latest
federal census as
12 periodically updated by the bureau of the
census;
13
14 (viii)(vii) To the road
construction funds of
15 the various counties as provided by W.S. 24-2-110,
two and
seventy-nine
hundredths percent (2.79%) three percent
(3%),
17 except that each county's share of funds
under this
18 subsection shall be computed as follows:
19
20 (A) One-third
(1/3) shall be distributed to
21 each county in the ratio that the population
of the county
22 bears to total state population based on the
most recent
23 decennial federal census;
24
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1 (B) One-third
(1/3) shall be distributed to
2
each county in the ratio that the mileage of county roads
3 in
the county bears to total county roads in Wyoming;
4
5 (C) One-third
(1/3) shall be distributed to
6
each county as follows:
7
8 (I) Arrange the
assessed valuation of
9
each county in descending order by county;
10
11 (II) Calculate
the county percentages
12 of assessed valuation relative to total
state valuation;
13
14 (III) Calculate
the inverse of the
15 county percentage of total state assessed
valuation by
16 dividing one (1) by the percentage computed
in subdivision
17 (C)(II) of this paragraph;
18
19 (IV) Compute
each county share by
20 dividing each inverse calculated under
subdivision (III) of
21 this subparagraph by the total sum of the
inverses
22 calculated under subdivision (III) of this
subparagraph.
23
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1 (ix)(viii) To cities and towns, eight and
twenty-four hundredths percent
(8.24%) eight and seventy-
3 five hundredths percent (8.75%),
each city or town to
4 receive
an amount in the proportion which the population of
5 the
city or town bears to the population of all cities and
6
towns in Wyoming, population to be determined by resort to
7 the
latest federal census as periodically updated by the
8
bureau of the census;
9
10 (x)(ix) To the
capital construction account, two
and
seventy-two hundredths percent (2.72%) two
and nine-
12 tenths
percent (2.9%), to be expended for the purposes
13 specified in W.S. 9-4-604(k)(ii).;
14
15 (xi) (LUST) Five and fifty-seven hundredths
percent
(5.57%) to the corrective action account created by
W.S.
35-11-1424 and to the financial responsibility account
created
by W.S. 35-11-1427 in an inverse proportion to the
amount
in the two (2) accounts.
20
21 Section 2. W.S. 39-14-211(j) is repealed.
22
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1 Section 3. This act is effective July 1, 2001.
2
3 (END)
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