 | Fiscal NoteS.B. 254 2026 General Session Critical Minerals Amendments by Millner, Ann |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(1,237,700) | $(50,900) | $(1,288,600) |
| Revenues | FY2026 | FY2027 | FY2028 |
| Restricted Accounts (FN Only) | $0 | $913,000 | $913,000 |
| General Fund | $0 | $(913,000) | $(913,000) |
| Total Revenues | $0 | $0 | $0 |
Enactment of this legislation could reduce Mining Severance Tax revenue to the General Fund by an estimated $913,000 beginning in FY 2027 resulting from an annual transfer of revenue to the Critical Minerals Development Account, which would have an equivalent increase each year.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Utah Geological Survey Restricted Account (GFR), One-time | $0 | $50,000 | $0 |
| Division of Oil, Gas, and Mining (GFR) | $0 | $528,000 | $528,000 |
| General Fund | $0 | $324,700 | $324,700 |
| General Fund, One-time | $900 | $50,000 | $0 |
| Total Expenditures | $900 | $952,700 | $852,700 |
Enactment of this legislation could cost the Division of Finance $900 one-time from the General Fund in FY 2026 and $1,900 ongoing from the General Fund beginning in FY 2027 to create and maintain the new Critical Minerals Development Account. Enactment of this legislation could cost the Legislature $2,800 ongoing from the General Fund beginning in FY 2027 for per diem and travel reimbursement for legislative members on the new Critical Minerals Council. Enactment of this legislation could cost the Department of Natural Resources an estimated $50,000 one-time from the General Fund in FY 2027 and $50,000 one-time from the Utah Geological Survey Restricted Account in FY 2027 for the completion of a critical minerals atlas; the agency has indicated these costs can be absorbed. Enactment of this legislation could also cost the Department of Natural Resources an estimated $320,000 ongoing from the General Fund beginning in FY 2027 for two FTE support staff within the Utah Office of Energy Development; the agency has indicated $112,700 of this can be absorbed. Enactment of this legislation could also cost the Department of Natural Resources an estimated $528,000 ongoing from the Division of Oil, Gas, and Mining Restricted Account beginning in FY 2027 for three full-time equivalent support staff within the Division of Oil, Gas, and Mining.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $(900) | $(952,700) | $(852,700) |
To the extent that critical minerals zones are created within counties or municipalities, enactment of this legislation could result in incremental property tax revenue generated within such zones being transferred from local governments to the Critical Minerals Development Account, resulting in forgone revenue to the taxing entities; the aggregate impact is unknown and impacts will vary among local entities.
To the extent that critical minerals zones are created within counties or municipalities, enactment of this legislation could result in individuals and businesses within such zones facing higher tax rates as certified taxable value is adjusted for incremental value; individual impacts will vary and the aggregate impact is unknown.
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.