Enactment of this legislation is estimated to reduce revenue to the General Fund by approximately $3,200,000 in FY 2027 resulting from a new earmark on Mining Severance Tax, resulting in an equivalent increase to revenue into the newly created State Reinvestment Restricted Account. To the extent that gross mining severance tax revenue which is derived from a mineral for which the United States is greater than 50% net import reliant exceeds such revenue in the prior year, enactment of this legislation could forgo additional revenue to the General Fund beginning in FY 2028 with an equivalent increase in revenue to the newly created State Reinvestment Restricted Account. To the extent that certified tax credits issued for new exploration could otherwise be claimed against liability in excess of 50% of liability in a given year, enactment of this legislation could decrease forgone severance tax revenue to the General Fund beginning in FY 2027; the aggregate impact is unknown. Enactment of this legislation would appropriate $14,016,200 into the newly created State Reinvestment Restricted Account in FY 2026. Enactment of this legislation could also increase interest and dividends revenue to the newly created State Reinvestment Restricted Account by an estimated $1,500,000 in FY 2027 and FY 2028.

Enactment of this legislation could cost the Division of Finance $1,800 one-time from the General Fund in FY 2026 and $3,800 ongoing from the General Fund beginning in FY 2027 to create and maintain the new Critical Minerals Development Account and the new State Reinvestment Restricted 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 full-time equivalent 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. Enactment of this legislation could cost the Tax Commission $27,200 one-time from the General Fund in FY 2027 for tax system programming updates and changes to related forms, instructions, and processes. Enactment of this legislation would appropriate $14,016,200 one-time from the Infrastructure and Economic Diversification Investment Account to the newly created State Reinvestment Restricted Account in FY 2026. Enactment of this legislation would appropriate $10,000,000 one-time in FY 2027 and $1,000,000 ongoing beginning in FY 2027 from the newly created State Reinvestment Restricted Account to the newly created Critical Minerals Council within the Department of Natural Resources for initial startup costs and ongoing support of the program.