Florida Florida Statutes

§ 211.06 — Oil and Gas Tax Trust Fund; distribution of tax proceeds

FS § 211.06Ch. 211

Statute text

All taxes, interest, and penalties imposed under this part shall be collected by the department and placed in a special fund designated the “Oil and Gas Tax Trust Fund.”(1) There is hereby annually appropriated a sufficient amount from the Oil and Gas Tax Trust Fund for the Chief Financial Officer to refund any overpayments that have been properly approved.

(2)The remaining proceeds in the Oil and Gas Tax Trust Fund shall be distributed monthly by the department and shall be paid into the State Treasury as follows:(a) To the credit of the General Revenue Fund of the state:1. Seventy-five percent of the proceeds from the oil production tax imposed under s. 211.02(1)(c). 2. Sixty-three and one-half percent of the proceeds from the tax on small well oil, tertiary oil, and mature field recovery oil imposed under s. 211.02(1)(a) and (b). 3. Sixty-seven and one-half percent of the proceeds from the tax on gas imposed under s. 211.025. 4. Sixty-seven and one-half percent of the proceeds of the tax on sulfur imposed under s. 211.026.

(b)To the credit of the general revenue fund of the board of county commissioners of the county where produced, subject to the service charge imposed under chapter 215:1. Twelve and one-half percent of the proceeds from the tax on oil imposed under s. 211.02(1)(c). 2. Twenty percent of the proceeds from the tax on small well payment only to the extent the payment exceeds the amount of estimated tax installment due under subparagraph (b)1.

(d)No penalty or interest for underpayment of estimated tax shall be imposed if the total amount of estimated tax paid on or before the installment due date equals or exceeds the lesser of:1. Ninety percent of the tax finally due for the month; or 2. The amount of tax determined by the tax rate applicable for the month times the taxable production for the previous month.

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Legislative history

s. 7, ch. 86-178.