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Committee advances bill expanding mineral exploration tax credit; sponsors dispute $2 million fiscal note
Summary
Senate Bill 2 34, presented by Senator Owens to expand the state's mineral exploration tax credit to more types of exploration and production, passed committee unanimously Feb. 14; sponsors argued the $2 million fiscal note is post-performance and disputed the methodology.
Senate Bill 2 34, a measure to expand Utah's mineral exploration tax credit, passed the Senate Revenue and Taxation Committee on Feb. 14 by a unanimous vote. Sponsor Senator Owens said the bill grew from months of work by the Unified Economic Opportunity Commission and would broaden an existing 2022 tax-credit program to cover more exploration and production activities.
Brian Summers, president of the Utah Mining Association,…
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