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(1) As used in this section:
(a) "Fund" means the New Severance Tax Revenue Special Revenue Fund created in this section.
(b) "New revenue" means revenue collected above $100,000,000 from the taxes imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, after subtracting the amounts required to be distributed under Sections 51-9-305, 51-9-306, 59-5-116, and 59-5-119.
(2) There is created a special revenue fund known as the "New Severance Tax Revenue Special Revenue Fund" that consists of:
(a) money deposited by the State Tax Commission in accordance with this section; and
(b) interest earned on the money in the fund.
(3) Beginning July 1, 2021, the State Tax Commission shall deposit into the fund 100% of new revenue until the new revenue equals or exceeds $200,000,000 in a fiscal year.