HB24-1413
Severance Tax Transfers
Concerning transfers from funds that include severance tax revenue, and, in connection therewith, making an appropriation.
Session:
2024 Regular Session
Subject:
Bill Summary
State Revenue & Budget
Under existing law, the general assembly may annually appropriate up to $450,000 from the severance tax operational fund to the conservation district grant fund. The act increases the maximum amount to $700,000.
The act makes the following one-time transfers:
- $18,259,805 from the severance tax operational fund to the general fund on June 30, 2025;
- $26,086,559 from the severance tax perpetual base fund to the general fund on July 1, 2024; and
- $25 million from the local government severance tax fund to the general fund on July 1, 2024.
The act appropriates $250,000 from the severance tax operational fund to the department of agriculture.
APPROVED by Governor May 22, 2024
EFFECTIVE May 22, 2024
(Note: This summary applies to this bill as enacted.)