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Committee hears bill to deposit excess coal trust revenue into long‑term trust
Summary
Senate Bill 343 would direct excess coal trust revenues into the trust principal beginning in 2027 to build a longer‑term savings vehicle. Sponsor Senator Dave Fern framed the bill as a savings measure; state agencies provided informational testimony on the fiscal effects.
Senate Finance and Claims heard Senate Bill 343, a proposal from Senator Dave Fern to direct some excess coal trust revenue into the trust principal as a long‑term savings measure beginning in 2027.
Senator Dave Fern, who represents parts of the Flathead region, told the committee the proposal is intended to build the trust as a savings vehicle for future infrastructure and long‑term needs. Fern said the change would not begin until 2027 and described the plan as a way to “put some revenues into a savings account for the next generations.”
Deputy Director Mandy Rambo of the Montana Department of Commerce provided information on Commerce’s portion of the fiscal note. Mark Bostrom, administrator of the Conservation and Resource Development Division at the Department of Natural Resources and Conservation, and Omar Cortez from the Department of Revenue’s tax policy and research unit were also present to answer informational questions.
Fern cited other states with larger mineral‑trust funds and referenced Alaska, New Mexico, North Dakota and Wyoming as examples of longer‑term funds, saying Montana’s coal trust is comparatively modest because of historical policy choices such as a 50% minimum distribution and restrictions on investments. He said even modest additional annual deposits could grow cumulatively and produce significant future benefits.
Agency witnesses answered technical questions about the fiscal note and revenue projections. No opponents raised testimony during the committee hearing, and Fern closed by asking senators to support the bill.
Ending: The committee took no final action during the hearing; informational witnesses remained available for questions.
