HB23-1103
Severance Tax Revenue Distribution
Concerning the distribution of severance tax funds to counties that are economically impacted by the industries on which severance taxes are imposed.
Session:
2023 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
The bill requires the state treasurer to transfer 60% of the severance taxes paid by an entity that are attributable to the developing, processing, or energy conversion of minerals and mineral fuels subject to taxation in a county in a given tax year to that same county. A county that receives a transfer in accordance with the bill shall use the transferred funds for building or improving roads, schools, or local infrastructure.
(Note: This summary applies to this bill as introduced.)