 | Fiscal NoteH.B. 362 2026 General Session Tax Payments with Gold by Ivory, Ken |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(463,000) | $463,000 | $0 |
| Revenues | FY2026 | FY2027 | FY2028 |
| Division of Water Quality Oil, Gas, and Mining (GFR) | $0 | $(300) | $(300) |
| Division of Water Quality Oil, Gas, and Mining (GFR), One-time | $0 | $300 | $300 |
| Division of Air Quality Oil, Gas, and Mining (GFR) | $0 | $(1,600) | $(1,600) |
| Division of Air Quality Oil, Gas, and Mining (GFR), One-time | $0 | $1,600 | $1,600 |
| Other Financing Sources | $0 | $(479,400) | $(479,400) |
| Other Financing Sources, One-time | $0 | $479,400 | $479,400 |
| Utah Geological Survey Restricted Account (GFR) | $0 | $(1,600) | $(1,600) |
| Utah Geological Survey Restricted Account (GFR), One-time | $0 | $1,600 | $1,600 |
| Division of Oil, Gas, and Mining (GFR) | $0 | $(16,100) | $(16,100) |
| Division of Oil, Gas, and Mining (GFR), One-time | $0 | $16,100 | $16,100 |
| Dedicated Credits Revenue | $0 | $3,000 | $3,000 |
| Dedicated Credits Revenue, One-time | $0 | $(3,000) | $(3,000) |
| General Fund | $0 | $(460,800) | $(460,800) |
| General Fund, One-time | $0 | $460,800 | $460,800 |
| Income Tax Fund | $0 | $(2,200) | $(2,200) |
| Income Tax Fund, One-time | $0 | $2,200 | $2,200 |
| Total Revenues | $0 | $0 | $0 |
Enactment of this bill could reduce state tax revenues by $959,000 beginning in FY 2029 (ongoing for specified years). Impacts are to the General Fund, Permanent State Trust Fund, and other severance tax earmarks. The legislation could have an unknown impact on state tax revenues based on differences in the gold spot rate when the taxes are paid and the average spot rate over the three months preceding the day on which the payment is due. Enactment of this legislation could reduce investment earnings deposited into the General Fund by $800 ongoing beginning in FY 2029 and reduce deposits into the Income Tax Fund by $2,200 ongoing beginning in FY 2029 due to storage, insurance, and auditing fees related to precious metals. It could conversely increase dedicated credit revenue to the State Treasurer by $3,000 ongoing beginning in FY 2029 due to the investment earnings used for administrative costs.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Dedicated Credits Revenue | $0 | $3,000 | $3,000 |
| Dedicated Credits Revenue, One-time | $0 | $(3,000) | $(3,000) |
| General Fund, One-time | $0 | $0 | $46,500 |
| Total Expenditures | $0 | $0 | $46,500 |
Enactment of this legislation could cost the Tax Commission $46,500 one-time from the General Fund in FY 2028 for system changes and program development. Enactment of this legislation could cost the State Treasurer $3,000 ongoing in Dedicated Credits Revenue beginning in FY 2029 for storage, insurance, and auditing fees related to precious metals.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $0 | $0 | $(46,500) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation allows a person to pay mining severance taxes and income taxes in gold for specified years. Assuming all metal severance tax will be paid in gold and qualify for the lower tax rate, metal severance taxpayers could see a reduction in severance tax liability of $959,000 beginning in FY 2029.
Enactment of this legislation likely will not change the regulatory burden for Utah residents or businesses.
This bill does not create a new program or significantly expand an existing program.