Bill > SB0254

This bill aims to streamline the extraction and processing of critical minerals in Utah by establishing a "fast track" permitting process for projects within designated "critical minerals zones" or those included in the strategic plan of the Critical Minerals Council. It also modifies tax credit provisions for mining exploration, including extending the duration for receiving tax credits and allowing for the assignment of these credits to new owners or operators of mining operations. Furthermore, the bill creates a "State Reinvestment Restricted Account" funded by severance tax revenue, which can be used for various purposes including income tax relief, water infrastructure, and critical mineral resource development, and establishes a "Critical Minerals Council" to coordinate state efforts in this sector, develop a strategic plan, and oversee the creation of a "Minerals for Industrial, National, and Economic Security Center." The bill also introduces provisions for designating critical minerals zones, which will be eligible for financial incentives and will direct a portion of property tax differential revenue to a new "Critical Minerals Development Account" to fund infrastructure, workforce development, and incentives for critical mineral projects.

Agriculture and Natural Resources

https://le.utah.gov/~2026/bills/static/SB0254.html