Bill > HB0528

This bill introduces a novel approach to tax payments by allowing certain taxpayers, specifically those who own or operate mines, to pay taxes in gold instead of cash. The bill modifies several sections of Utah state tax law to implement this option, primarily in the severance tax, corporate franchise tax, and individual income tax codes. Key provisions include allowing mine operators to pay taxes by remitting gold to the state treasurer, with the gold's value calculated based on an internationally recognized benchmark price and subject to investment-grade purity standards. Taxpayers who choose to pay taxes in gold will be eligible for a 5% nonrefundable tax credit, with different time frames for mines existing as of January 1, 2027, and those established later. The bill also updates various technical details related to tax calculations, reporting requirements, and revenue distributions for Great Salt Lake mineral extraction. These changes are set to take effect for taxable years beginning on or after January 1, 2027, providing a unique option for mining companies to satisfy their tax obligations while potentially benefiting from a tax credit incentive.

Budget and Finance, Transportation and Infrastructure

https://le.utah.gov/~2025/bills/static/HB0528.html