(1) There is created within the Education Fund a restricted account known as the "Performance Funding Restricted Account."

(2) Money in the account shall be: (a) used for performance funding for: (i) higher education institutions; and (ii) technical colleges; and (b) appropriated by the Legislature in accordance with Section 53B-7-705.

(a) used for performance funding for: (i) higher education institutions; and (ii) technical colleges; and

(i) higher education institutions; and

(ii) technical colleges; and

(b) appropriated by the Legislature in accordance with Section 53B-7-705.

(3) (a) Money in the account shall earn interest. (b) All interest earned on account money shall be deposited into the account.

(a) Money in the account shall earn interest.

(b) All interest earned on account money shall be deposited into the account.

(4) (a) Except as provided in Subsection (4)(b)(ii), the Division of Finance shall deposit into the account an amount equal to: (i) 14% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for the fiscal year beginning on July 1, 2018; and (ii) 20% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for a fiscal year beginning on or after July 1, 2019. (b) (i) As used in this Subsection (4)(b), "total higher education appropriations" means, for the current fiscal year, the total state funded appropriations to: (A) the State Board of Regents; (B) higher education institutions; (C) the Utah System of Technical Colleges; and (D) technical colleges. (ii) If a deposit described in Subsection (4)(a) would exceed 10% of total higher education appropriations, upon appropriation by the Legislature, the Division of Finance shall deposit into the account an amount equal to 10% of total higher education appropriations. (c) The Legislature may appropriate money to the account.

(a) Except as provided in Subsection (4)(b)(ii), the Division of Finance shall deposit into the account an amount equal to: (i) 14% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for the fiscal year beginning on July 1, 2018; and (ii) 20% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for a fiscal year beginning on or after July 1, 2019.

(i) 14% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for the fiscal year beginning on July 1, 2018; and

(ii) 20% of the estimated revenue growth from targeted jobs upon appropriation by the Legislature for a fiscal year beginning on or after July 1, 2019.

(b) (i) As used in this Subsection (4)(b), "total higher education appropriations" means, for the current fiscal year, the total state funded appropriations to: (A) the State Board of Regents; (B) higher education institutions; (C) the Utah System of Technical Colleges; and (D) technical colleges. (ii) If a deposit described in Subsection (4)(a) would exceed 10% of total higher education appropriations, upon appropriation by the Legislature, the Division of Finance shall deposit into the account an amount equal to 10% of total higher education appropriations.

(i) As used in this Subsection (4)(b), "total higher education appropriations" means, for the current fiscal year, the total state funded appropriations to: (A) the State Board of Regents; (B) higher education institutions; (C) the Utah System of Technical Colleges; and (D) technical colleges.

(A) the State Board of Regents;

(B) higher education institutions;

(C) the Utah System of Technical Colleges; and

(D) technical colleges.

(ii) If a deposit described in Subsection (4)(a) would exceed 10% of total higher education appropriations, upon appropriation by the Legislature, the Division of Finance shall deposit into the account an amount equal to 10% of total higher education appropriations.

(c) The Legislature may appropriate money to the account.

(5) During the interim following a legislative general session in which an amount described in Subsection (4)(b) is deposited into the account, the Higher Education Appropriations Subcommittee shall review performance funding described in this part and make recommendations to the Legislature about: (a) the performance levels required for higher education institutions and technical colleges to receive performance funding as described in Section 53B-7-705; (b) the performance metrics described in Sections 53B-7-706 and 53B-7-707; and (c) the amount of individual income tax revenue dedicated to higher education performance funding.

(a) the performance levels required for higher education institutions and technical colleges to receive performance funding as described in Section 53B-7-705;

(b) the performance metrics described in Sections 53B-7-706 and 53B-7-707; and

(c) the amount of individual income tax revenue dedicated to higher education performance funding.