The bill establishes severance tax refunds for oil, gas, and coal based on increased federal mineral royalty rates, effective January 1, 2025. It introduces new provisions that require the state treasurer to transfer funds to the severance tax distribution account to cover these refunds. Specifically, the bill mandates that the Department of Revenue certify the necessary funds for these refunds before any transfers are made. Additionally, it outlines the calculation of refunds based on the increased royalty rates and specifies the distribution of funds from federal mineral royalties.

Furthermore, the bill includes appropriations for the Department of Revenue to implement these changes and requires the department to create rules for the application process for taxpayers seeking refunds. The act also mandates annual reporting to the joint revenue interim committee on the number of refund applicants and the amounts distributed. Overall, the legislation aims to provide financial relief to taxpayers affected by increased federal mineral royalty rates while ensuring proper oversight and distribution of funds.

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