53H-8-302. Performance Funding Restricted Account -- Creation -- Deposits into account -- Legislative review.
355 words·~2 min read·
/ut/title-53h/chapter-8/53h-8-302A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 10/14/2025
53H-8-302. Performance Funding Restricted Account -- Creation -- Deposits into account -- Legislative review.
(1)As used in this section:
(a)"Account" means the Performance Funding Restricted Account created in Subsection
(2).
(b)"Baseline amount" means the simple five-year average amount of personal income tax withholding over fiscal years 2019-2023.
(c)"Personal income tax withholding means" means income tax withholding required under Title 59, Chapter 10, Part 4 , Withholding of Tax.
(2)There is created within the Income Tax Fund a restricted account known as the Performance Funding Restricted Account.
(3)The Legislature may appropriate money to the account.
(4)Money in the account shall be:
(a)used for performance funding for:
(i)degree-granting institutions; and
(ii)technical colleges; and
(b)appropriated by the Legislature in accordance with Section 53H-8-303 .
(a)Money in the account shall earn interest.
(b)All interest earned on account money shall be deposited into the account.
(a)Except as provided in Subsection (6)(b) or (6)(c) , before the end of each calendar year, the Executive Appropriations Committee shall appropriate to the account an amount equal to 6% of the difference between the five-year average amount from the most recent five years of personal income tax withholdings and the baseline amount.
(i)As used in this Subsection (6)(b) , "total higher education appropriations" means, for the current fiscal year, the total state funded appropriations to:
(A)the board;
(B)degree-granting institutions; and
(C)technical colleges.
(ii)If an appropriation described in Subsection (6)(a) would exceed 10% of total higher education appropriations, the Executive Appropriations Committee shall appropriate to the account an amount equal to 10% of total higher education appropriations.
(c)If, after appropriating to the Public Education Economic Stabilization Restricted Account as defined in Section 53F-9-204 , the remaining available revenue from the personal income tax withholdings is less than the lesser of the amounts in Subsection (6)(a) or Subsection (6)(b)(ii) , the Executive Appropriations Committee shall appropriate to the account the remaining available revenue from the personal income tax withholdings.
Renumbered and Amended by Chapter 8 , 2025 Special Session 1