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Committee advances bill to extend land‑bank purchase window from 5 to 10 years
Summary
The House Resources and Conservation Committee voted to send House Bill 129 to the floor with a due pass recommendation. The bill would extend the deadline for reinvesting proceeds from state endowment land sales from five years to 10 years, giving the Land Board and Department of Lands more time to buy replacement endowment land.
Representative Alana Rubel (R‑District 18) told the House Resources and Conservation Committee that House Bill 129 would change a single word in current law to lengthen the time the state may hold proceeds from endowment land sales before those proceeds must be transferred into the permanent endowment fund.
Rubel said the land‑bank money is intended to be used to repurchase endowment land and that land holdings typically return about 3.4 percent, providing a steady complement to the portfolio. “This just gets a little bit more breathing room for the Department of Lands and the Land Board to identify investments if they wish,” she said.
The nut graf: The bill does not force purchases or add new spending; it simply extends the statutory window from five years to 10 years so the Land Board can hold sale proceeds longer while seeking appropriate replacement endowment land. If the board decides not to reinvest, the money may still roll to the permanent fund under current practice.
Committee discussion focused on how the land bank works and whether the Legislature should require reinvestment. Representative John Van der Rada, a co‑sponsor, said he had seen “a lot of money roll into the permanent endowment fund and never be used again,” and that extending the timeframe gives staff an opportunity to act if land prices decline. Representative Miller asked why the statute would not require repurchase; Van der Rada and Representative Rubel replied that the Land Board is an executive‑branch decision‑maker and the bill preserves the board’s discretion.
Jonathan Oppenheimer of the Idaho Conservation League testified in support, saying investing in land “helps to smooth out some of the turbulence and volatility in the market” and can provide steady returns and local benefits such as timber supply and recreation.
The committee moved the bill to the floor with a due pass recommendation by voice vote. The motion to send House Bill 129 to the floor was made from the floor during the hearing and the chair announced, “Ayes have it.”
Ending: The bill now goes to the full House. Committee discussion and witness testimony emphasized that the change is intended to be permissive — extending a statutory deadline rather than creating a new spending program or a mandate to purchase land.
