59-7-532. Revenue received by commission -- Deposit with state treasurer -- Distribution or crediting to Income Tax Fund -- Refund claim payments.
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Effective 3/24/2022
59-7-532. Revenue received by commission -- Deposit with state treasurer -- Distribution or crediting to Income Tax Fund -- Refund claim payments.
(a)The commission shall deposit at least quarterly all revenue collected or received by the commission under this chapter with the state treasurer.
(b)The commission shall, subject to the refund provisions of this section, distribute or credit, at least quarterly and based on a pro rata share of Income Tax Fund and Uniform School Fund appropriations for the current fiscal year, the revenue described in Subsection (1)(a) to:
(i)the Income Tax Fund; and
(ii)the Uniform School Fund in accordance with Section 53F-9-201.1 .
(c)The commission may credit to or draw from the Income Tax Fund and the Uniform School Fund:
(i)annually to adjust for differences between estimates and actual amounts; or
(ii)in the proportion described in Subsection (1)(b) to issue a refund.
(2)The commission shall from time to time certify to the state auditor the amount of any refund authorized by it, the amount of interest computed on it under the provisions of Section 59-7-533 , from whom the tax to be refunded was collected, or by whom it was paid, and such refund claims shall be paid in order out of the funds first accruing to the Income Tax Fund from the provisions of this section.
Amended by Chapter 456 , 2022 General Session