October 11, 2005, Introduced by Reps. Amos, Shaffer, Booher, Caul, Jones, Stakoe, Vander Veen, Taub, Kolb, Byrnes, McDowell, Lipsey, Tobocman, Kathleen Law, Wojno, Mortimer, Leland, Elsenheimer, Wenke, Casperson, Marleau, Meyer, Brandenburg, Pastor, Farhat and Bieda and referred to the Committee on Appropriations.
A bill to amend 1929 PA 48, entitled
"An act levying a specific tax to be known as the severance tax
upon all producers engaged in the business of severing oil and gas
from the soil; prescribing the method of collecting the tax;
requiring all producers of such products or purchasers thereof to
make reports; to provide penalties; to provide exemptions and
refunds; to prescribe the disposition of the funds so collected;
and to exempt those paying such specific tax from certain other
taxes,"
by amending section 14 (MCL 205.314), as amended by 1994 PA 307.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 14. (1) All taxes shall accompany the report provided for
in
section 2. Except as provided in subsection (2), all All
taxes, penalties, or costs paid to the state treasurer under this
act shall be paid into the state treasury and shall be credited as
follows:
(a) Two
percent of the revenue received during each fiscal
year,
but not less than $1,000,000.00 shall be credited to the
orphan
well fund created in the orphan well fund act. However,
whenever
the unexpended balance of the orphan well fund exceeds
$3,000,000.00,
further revenues shall not be credited to the orphan
well
fund under this subdivision until the unexpended balance of
the
orphan well fund becomes less than $3,000,000.00.
$50,000,000.00 to the general fund.
(b) The remaining revenue received during each fiscal year
that
is not allocated pursuant to under subdivision (a) shall
be
credited
to the general fund of the state and shall be available
for
any purpose for which the general fund is made available by law
cultural destinations fund created under subsection (2).
(2) The
revenue collected under subsection (1) in excess of
$16,000,000.00,
shall be deposited in the general fund and shall be
allocated
for the payment of credits for heating fuel costs
provided
under section 527a of Act No. 281 of the Public Acts of
1967,
being section 206.527a of the Michigan Compiled Laws, for the
fiscal
year ending September 30, 1980 only. The cultural
destinations fund is created in the state treasury and shall be
administered by the department of history, arts, and libraries as
authorized by the legislature through appropriations. The money
collected under subdivision (b) shall be deposited with the state
treasurer and credited to the fund. The state treasurer may receive
money or other assets from any source for deposit into the fund.
The state treasurer shall direct the investments of the fund and
credit to the fund interest and earnings from fund investments. No
money shall be expended from the funds except as specifically
authorized by this subsection. Money in the fund at the close of
the fiscal year shall remain in the fund and not lapse to the
general fund. The fund shall only be used for state park operations
and improvements, grants for arts and cultural projects, and grants
for historic preservation programs.