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Senate advances bill to expand mineral exploration tax credit aimed at critical minerals production
Summary
The Utah Senate passed legislation expanding a mineral exploration tax credit intended to spur private investment in critical-mineral exploration and production in Utah, after sponsors said the change narrows misuse and excludes sand, gravel and evaporative Great Salt Lake operations.
SALT LAKE CITY — The Utah Senate passed legislation that expands an existing mineral exploration tax credit to encourage private investment in extraction of critical minerals found in the state.
Supporters said Senate Bill 234 broadens the post-production tax credit so companies can only claim it after production begins, reducing risk to taxpayers while making the incentive more usable for private investors.
Sen. Jake Owens, the bill sponsor, told the Senate the measure is “a tool” to attract investment in critical minerals and stressed it is post-production: companies must…
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