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Bill > HB0464

UT HB0464

UT HB0464
State Sovereignty Fund

summary

Introduced
02/11/2025
In Committee
03/03/2025
Crossed Over
02/27/2025
Passed
03/13/2025
Dead
Signed/Enacted/Adopted
03/25/2025

Introduced Session

2025 General Session

Bill Summary

General Description: This bill creates the State Sovereignty Fund.

AI Summary

This bill creates the State Sovereignty Fund, a new financial mechanism designed to enhance Utah's fiscal resilience and long-term financial stability. The fund will be primarily funded through various sources including reserve account surpluses, a portion of General Fund savings from federal medical assistance percentage changes, excess revenue collections, and additional legislative appropriations. Notably, the Legislature is prohibited from appropriating money from the fund before fiscal year 2075-76, emphasizing its long-term nature. Starting in 2075-76, up to 50% of the fund's annual earnings can be used to offset reduced federal funding or provide state tax relief. Any principal withdrawals require a two-thirds vote of the Legislature and must be for offsetting reduced federal funding or providing tax relief. The state treasurer is tasked with investing the fund's assets with priority given to principal growth and fund stability, following prudent investor standards. The bill also modifies existing budget reserve account rules to allow excess surpluses to be transferred to the State Sovereignty Fund, creating an additional mechanism for managing state financial resources. The fund is designed to provide a perpetual financial cushion for the state, protecting against future economic uncertainties and potential federal funding reductions.

Committee Categories

Budget and Finance

Sponsors (64)

Joseph Elison (R)*,  Nelson Abbott (R),  Cheryl Acton (R),  Carl Albrecht (R),  Tiara Auxier (R),  Melissa Ballard (R),  Stewart Barlow (R),  Bridger Bolinder (R),  Walt Brooks (R),  Jeff Burton (R),  Kristen Chevrier (R),  Kay Christofferson (R),  Tyler Clancy (R),  Paul Cutler (R),  Jen Dailey-Provost (D),  Ariel Defay (R),  Rosalba Dominguez (D),  Jim Dunnigan (R),  Steve Eliason (R),  Doug Fiefia (R),  Jake Fitisemanu (D),  Stephanie Gricius (R),  Matt Gwynn (R),  Katy Hall (R),  Jon Hawkins (R),  Sahara Hayes (D),  Sandra Hollins (D),  Ken Ivory (R),  Colin Jack (R),  Jill Koford (R),  Mike Kohler (R),  Jason Kyle (R),  Trevor Lee (R),  Karianne Lisonbee (R),  Anthony Loubet (R),  Matt MacPherson (R),  Cory Maloy (R),  Ashlee Matthews (D),  Verona Mauga (D),  Grant Miller (D),  Tracy Miller (R),  Logan Monson (R),  Jefferson Moss (R),  Hoang Nguyen (D),  Clinton Okerlund (R),  Doug Owens (D),  Nicholeen Peck (R),  Mike Petersen (R),  Tom Peterson (R),  Calvin Roberts (R),  Angela Romero (D),  Jake Sawyer (R),  Mike Schultz (R),  Troy Shelley (R),  Lisa Shepherd (R),  Rex Shipp (R),  Andrew Stoddard (D),  Mark Strong (R),  Jordan Teuscher (R),  Jason Thompson (R),  Neil Walter (R),  Stephen Whyte (R),  Ryan Wilcox (R),  Chris Wilson (R), 

Last Action

Governor Signed in Lieutenant Governor's office for filing (on 03/25/2025)

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