Section 53B-7-703 - 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 53B-7-705.(5)(a) Money in the account shall earn interest.(b) All interest earned on account money shall be deposited into the account.(6)(a) Except as provided in Subsection (6)(b) or (6)(c) and beginning December 1, 2025, 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.(b)(i) As used in this Subsection (6)(b), "total higher education appropriations" means, for the current fiscal year, the total state funded appropriations to: (B) degree-granting institutions; and(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.Amended by Chapter TBD, 2024 General Session ,§ 24, eff. 5/1/2024.Amended by Chapter 456, 2022 General Session ,§ 3, eff. 3/24/2022.Amended by Chapter 351, 2021 General Session ,§ 3, eff. 5/5/2021.Amended by Chapter 365, 2020 General Session ,§ 84, eff. 7/1/2020.Amended by Chapter 382, 2017 General Session ,§ 75, eff. 7/1/2017.Added by Chapter 365, 2017 General Session ,§ 5, eff. 5/9/2017.