Severance Tax Transfers

Under existing law, the general assembly may annually appropriate up to $450,000 from the severance tax operational fund to the conservation district grant fund. The act increases the maximum amount to $700,000. The act makes the following one-time transfers: $18,259,805 from the severance tax operational fund to the general fund on June 30, 2025; $26,086,559 from the severance tax perpetual base fund to the general fund on July 1, 2024; and $25 million from the local government severance tax fund to the general fund on July 1, 2024. The act appropriates $250,000 from the severance tax operational fund to the department of agriculture. APPROVED by Governor May 22, 2024 EFFECTIVE May 22, 2024(Note: This summary applies to this bill as enacted.)