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Committee amends severance tax bill to boost geological survey operating funds, places measure on consent
Summary
Senate Bill 2 47, a severance tax revenue amendment presented by Senator Hinkins, was amended in committee on Feb. 14 to change a 5% rate to 3.5% (for the first $50 million average aggregate annual revenue) and to raise a related 1% rate to 1.5%; the committee unanimously recommended the amended bill and placed it on consent.
The Utah Senate Revenue and Taxation Committee on Feb. 14 amended and recommended favorably Senate Bill 2 47, a severance tax revenue measure presented by Senator Hinkins. Committee members adopted an amendment that reduced a proposed 5 percent allocation to 3.5 percent for a specified bracket and increased a separate line from 1 percent to 1.5 percent; sponsors said the change is intended to provide operating funds for the Utah…
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