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Senate advances bill to set aside oil-and-gas severance revenue into trust fund with delayed effective date
Utah State Senate · February 21, 2006
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Summary
SB202, proposing a statutory mechanism to place a portion of oil-and-gas severance-tax receipts into a trust fund (using a three-year rolling average base), was amended on the floor to delay effectiveness until after a constitutional amendment and advanced to third reading.
Sen. Hilliard (sponsor) and Sen. Stevenson led debate on Senate Bill 202, a statutory plan to put a share of oil-and-gas severance-tax receipts into a trust fund rather than spending all receipts annually.
Sponsor explained the bill uses a three-year rolling average ($28 million, as described on…
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