The bill establishes severance tax refunds for oil, gas, and coal based on increased federal royalty rates, effective January 1, 2024. It introduces new provisions that require the state treasurer to transfer funds to the severance tax distribution account to cover these refunds, as well as to account for the distribution of the state's share of federal mineral royalties. Specifically, it creates new subsections in existing laws that outline the calculation and distribution of these refunds, ensuring that taxpayers can receive monetary refunds based on the increased federal mineral royalty rates.

Additionally, the bill mandates the Department of Revenue to calculate the reduced ad valorem taxable value resulting from the increased federal royalty rates and to distribute the corresponding amounts to county treasurers. It also includes an appropriation of $368,000 from the general fund to support the implementation of the act. The Department of Revenue is tasked with promulgating necessary rules to facilitate these changes, and the bill requires annual reporting on the number of refund applicants and the amounts distributed.

Statutes affected:
Introduced: 9-4-601, 39-13-111, 39-14-109, 39-14-209, 39-14-801