Bill > SB0234

This bill introduces several amendments related to severance taxes, mining exploration, and energy infrastructure tax credits in Utah. It establishes new tax credit provisions and modifies existing ones, primarily focusing on oil, gas, and mineral industries. The bill creates tax credits for mining exploration, recompletion or workover of wells, natural gas converted to hydrogen fuel, and high-cost infrastructure projects. It updates definitions related to these industries, such as clarifying terms like "condensate," "crude oil," and "natural gas." The bill also adds a provision requesting federal agencies to consult with the state before implementing designations that might impact critical mineral deposit exploration. Key changes include allowing tax credits for mining exploration beginning in 2027, establishing a process for claiming credits for well recompletion and workover, and creating a tax credit for infrastructure cost-burdened entities. The bill provides detailed procedures for applying for and verifying these tax credits, including requirements for documentation, reporting, and certification by the Office of Energy Development. These changes aim to support and incentivize energy and mineral development in Utah, with most provisions taking effect for taxable years beginning on or after January 1, 2025.

Agriculture and Natural Resources, Budget and Finance

https://le.utah.gov/~2025/bills/static/SB0234.html