Bill > HB0362

This bill, effective January 1, 2028, allows for the payment of mining severance taxes with gold, specifically for taxpayers who mine both gold and at least one other "critical mineral" (a list of over 60 minerals including aluminum, copper, and zinc). These qualified taxpayers can pay their mining severance tax liability, excluding any credits, by remitting gold equivalent in value to the taxes owed, with the State Treasurer determining the gold's value based on international benchmarks and ensuring it meets investment-grade purity standards, while the taxpayer covers any associated transaction costs. The gold received is deposited into the General Fund Budget Reserve Account, and the Division of Finance then credits an equivalent amount from that account to be distributed like other severance tax revenue. Additionally, the bill introduces a nonrefundable tax credit of 5% of the mining severance tax liability for these qualified taxpayers, with the credit available until January 1, 2033, for existing mines and until January 1, 2043, for new mines. The bill also makes several technical amendments to existing laws concerning the distribution of severance tax revenue and the confidentiality of tax information.

Budget and Finance

https://le.utah.gov/~2026/bills/static/HB0362.html