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House approves 10-year tax exemptions to encourage oil‑shale and tar‑sands research
Summary
First substitute Senate Bill 241 passed the House after debate over fiscal impacts and long-term incentives; sponsors described a 10-year severance-tax exemption and limited R&D sales exemptions to spur industry development, with supporters citing large recoverable resource estimates.
The House approved first substitute Senate Bill 241, a Natural Resources and Development measure that would exempt oil shale, tar sands and coal-to-liquids technologies from severance tax for 10 years and exempt certain sales of property used in research and development. Representative Mathis said the change is designed to kick-start research and private investment in Utah’s energy…
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