Bills / H.B. 362
H.B. 362 Tax Payments with Gold
- Introduced
- House committee
- House vote
- Senate committee
- Senate vote (stopped here)
- Signed into law
What this bill does
The bill would let qualifying mining operations in Utah that mine gold, rare earth, or critical minerals pay part of their state severance tax in gold. Those taxpayers would get a 5% tax credit for five years for existing mines starting in 2028, or 15 years for new mines.
Plain-English summary written by AI from the sponsor’s presentation in committee and on the floor. Check the official text below.
Official description
- allows certain mine owners and operators to use gold to pay mining severance taxes
- for specified years, provides a nonrefundable tax credit for a mine owner or operator who uses gold to pay mining severance taxes
- makes technical and conforming changes
What it costs you
- The official fiscal note on residents and businesses:
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.
From the bill's latest official fiscal note, counting the state's tax funds (General, Income Tax, Education, Uniform School, and Transportation) in the first full budget year after the session. Some bills take effect partway through that year, so later years can be larger; the note shows each year. Household count: U.S. Census Bureau. An average is a starting point, not your bill.
Your legislators on this bill
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Every vote
- 10 yes, 0 no, 1 absentHouse Revenue and Taxation Committee: vote to change the bill · Feb 13, 2026Who voted how
- 10 yes, 0 no, 1 absentHouse Revenue and Taxation Committee: vote to approve it · Feb 13, 2026Who voted how
- 56 yes, 11 no, 8 absentFinal House vote · Feb 23, 2026Who voted how
- 1 yes, 2 no, 4 absentSenate Revenue and Taxation Committee: Senate vote, which failed · Mar 2, 2026Who voted how
Hearings and debates
- Feb 13, 2026 House Revenue and Taxation Committee▶ WatchRead the transcript (45 turns) →
- Feb 23, 2026 House floor debate▶ WatchRead the transcript (5 turns) →
- Mar 2, 2026 Senate Revenue and Taxation Committee▶ WatchRead the transcript (7 turns) →