Montana lawmakers hear proposal for new ‘Gold Trust’ to capture volatile revenue for long-term priorities

Representative Lou Jones, R., opened the hearing on House Bill 924 by proposing a Montana Growth and Opportunity Trust (the “Gold Trust”) to capture a share of volatile revenue — chiefly capital gains and other uneven receipts — and use earnings and capped distributions to pay for housing, bridges, water projects, disaster resiliency, tax relief and a $300 million seed for pension stabilization. “It begins operation in 2025…we have an initial one‑time surplus,” Jones said, pointing committee members to a handout that projects the trust rising from about $578 million to roughly $1.8 billion by 2029 under the forecast included with the bill.

Proponents framed the trust as a way to stop spending short‑term revenue on ongoing programs. William Hollahan, executive director of the Montana Public Employees’ Retirement Administration, supported the pension provisions, describing section 10 as creating a permanent pension account inside the trust and providing a $300 million general‑fund appropriation into that account. He said the bill would permit up to $75 million per year, under conditions spelled out in the bill, to offset…