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House approves fourth substitute to set aside $20 million in severance-tax holding account and backs constitutional resolution
Summary
Lawmakers passed a fourth substitute to Senate Bill 18 creating a restricted severance tax holding account with a $20 million initial appropriation and then approved a companion resolution (SJR2) to allow permanent trust treatment for ongoing severance revenues; both measures passed the House unanimously and will be sent to the Senate.
The Utah House on Monday moved to create a restricted severance tax holding account and to advance a constitutional resolution to protect the account—9s principle.
Representative Harper, sponsor of the severance-tax measure, told members the fourth substitute to Senate Bill 18 establishes an "investment infrastructure and severance tax holding account" and that…
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