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House approves first substitute to let counties match severance-tax dollars into stabilization trusts
Summary
The House passed the first substitute to House Bill 370, allowing counties to receive matched portions of severance tax revenue—capped by property valuation—for county tax-stabilization trust funds; the principal is tightly restricted and principal withdrawals require a county-wide vote.
The Utah House on the floor approved the first substitute to House Bill 370 on severance tax revisions, sending the measure to the Senate after a unanimous recorded vote.
Representative Mathis, sponsor of HB 370, told the House the substitute makes technical changes at the request of the Division of Finance to allow severance tax dollars to flow to county tax-stabilization trust funds on a capped, matching basis. "What this bill does is…
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