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Sponsor outlines $100 million Cole Trust endowment proposal; fiscal witnesses say transfer not from coal funds
Summary
SB 159 would move $100 million from the general fund into a Cole Trust endowment to generate proceeds for education-related programs and remove a tax-credit sunset; Department of Revenue officials said the transfer would not reduce coal severance trust funds.
Senator Daniel Emmerich opened the hearing on Senate Bill 159 by describing the bill as the creation of an endowment fund within the Cole Trust. Emmerich said the bill would transfer $100 million from the general fund into an endowed fund; proceeds would be split to grow the fund and support education-related tax-credit programs, with the bill also removing a sunset on an existing tax credit.
Emmerich said the model creates a self‑funding stream for future education programs and likened the approach to endowment models used in other states. Informational witnesses from the Department of Revenue—Donna Lossett and Aaron McNay—answered committee questions about the fiscal note and clarified that, as drafted, the transfer comes from the general fund and would not reduce coal severance or coal trust funds.
Committee members asked for specifics about which trust accounts would be affected; McNay said his understanding was no coal tax trust funds would be reduced and that the $100 million moves from the general fund into the newly created trust. Senator Emmerich closed by emphasizing the bill uses one-time funds to build a future revenue stream to fund educational programs and thanked the committee. The transcript does not record a committee vote.
