State Sovereignty Fund -- Creation -- Distribution

(1) There is created the State Sovereignty Fund which consists of: (a) any reserve account surplus; (b) one-half of any General Fund savings from a decrease in the Federal Medical Assistance Percentages; (c) if the federal government offers an enhanced Federal Medical Assistance Percentage, 12.5% of the resulting state fund savings; (d) any excess revenue collections; (e) interest, dividends, or other earnings attributable to the fund; and (f) additional money appropriated by the Legislature. (2) (a) The division shall deposit into the fund any amounts described in Subsections (1)(a) through (f). (b) The Governor's Office of Planning and Budget, in consultation with the legislative fiscal analyst, shall annually report to the Division of Finance the amounts described in Subsections (1)(b), (c), and (d). (3) The division shall separately track principal deposits into the fund from the General Fund and Income Tax Fund, including earnings on the deposits. (4) In accordance with Section 51-13-202, the state treasurer shall invest the money in the fund for the benefit of the people of the state in perpetuity. (5) The Legislature may not appropriate money from the fund before fiscal year 2075-76. (6) (a) Beginning fiscal year 2075-76, the Legislature may appropriate up to 50% of the annual earnings from the investment of the fund to offset reduced federal funding or to provide state tax relief. (b) After any appropriations under Subsection (6)(a), the division shall deposit any remaining earnings into the fund for investment. (7) The Legislature may appropriate principal from the fund only: (a) by affirmative vote of two-thirds of all members elected of each chamber of the Legislature; and (b) for the purpose of offsetting reduced federal funding or providing state tax relief.