53F-9-302. Minimum Basic Growth Account.
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Effective 7/1/2025
53F-9-302. Minimum Basic Growth Account.
(1)As used in this section, "account" means the Minimum Basic Growth Account created in this section.
(2)There is created within the Income Tax Fund a restricted account known as the "Minimum Basic Growth Account."
(3)The account shall be funded by amounts deposited into the account in accordance with Section 53F-2-301 .
(4)The account shall earn interest.
(5)Interest earned on the account shall be deposited into the account.
(6)Upon appropriation by the Legislature:
(a)75% of the money from the account shall be used to fund the state's contribution to the voted local levy guarantee described in Section 53F-2-601 ; and
(b)25% of the money from the account shall be used to fund the Capital Outlay Foundation Program as provided in Section 53F-3-202 .
Amended by Chapter 165 , 2025 General Session