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Senate passes severance-tax trust measure after failed floor amendment to increase diverted funds
Summary
The Senate gave final passage to Second Substitute Senate Bill 18 to create a severance-tax trust fund and referred it to the House after defeated floor amendment. Lawmakers debated thresholds for diversion, fiscal effects, and intergenerational equity before the bill passed 23–2.
The Senate approved second substitute Senate Bill 18 and referred it to the House after lengthy floor debate over how much severance-tax revenue should be diverted into a permanent trust.
Senator Stevenson offered an amendment to lower the oil-and-gas and mining base amounts (mining base from $9,000,000 to $5,000,000; oil-and-gas base from $41,000,000 to $20,000,000) so a larger share of revenues would flow into the trust. He argued the change is needed to…
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