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Senate advances bill to phase severance-tax revenue into a permanent trust fund
Summary
Senate Bill 38 would establish staged ‘cut points’ to move increasing portions of severance-tax revenue into a constitutional trust fund over several years; sponsors say the change protects future revenues, sponsors and opponents debated fiscal impact and education neutrality.
Senate Bill 38, presented Jan. 29 by Senator Valentine, would modify how severance-tax revenue is directed to a constitutional trust fund by establishing graduated thresholds that shift increasing amounts into a permanent fund over time.
Valentine said the state adopted the constitutional trust principle to preserve revenue from depleting resources such as oil, gas and hard minerals. The bill sets phased cut…
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