SB13-135 Summary

• First $1.5 million of annual state severance tax gross receipts credited to the innovative energy fund through July 1, 2016, with this provision expiring January 1, 2017.

• Next $100 million of gross receipts (or all remaining receipts if less) split equally between the state severance tax trust fund and local government severance tax fund starting July 1, 2014.

• Additional gross receipts above $100 million split 50-50, with one half going equally to severance tax trust fund and local government severance tax fund, and the other half allocated to: perpetual base account of severance tax trust fund (up to $60 million total), and equally among state rainy day fund, property tax relief fund, and highway users tax fund.

• Creates state rainy day fund and property tax relief cash fund, with moneys from the rainy day fund available for any purpose by two-thirds vote of the general assembly and property tax relief fund moneys available only for property tax relief purposes.

• Act effective July 1, 2014, subject to voter approval if a referendum petition is filed within 90 days after the legislative session ends.