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Senate approves trust fund to reserve oil, gas and metal severance revenue
Summary
The Utah Senate passed a bill creating a statutory trust to set aside severance-tax revenues above multi-year baselines ($41M for oil & gas, $9M for metals) to stabilize budgets and invest for future generations; supporters say it protects nonrenewable resources, opponents warn about removing funds from current uses.
SALT LAKE CITY — The Utah Senate voted to create a nonlapsing trust to hold excess severance-tax revenue from oil, gas and certain metal mining, approving a second substitute to Senate Bill 18 on Jan. 26.
Senator L. Hilliard, sponsor of the bill, said the measure would set a base amount and place amounts above that baseline in a trust to preserve principal and spend only the earnings. “These are nonrenewable resources,” Hilliard said in floor remarks, urging the Senate to avoid treating severance receipts as recurring revenue. He described a five-year average baseline for oil and gas set…
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