Tax Payments with Precious Metals

Allows taxpayers to pay mining severance taxes and income taxes using gold instead of cash, with the state treasurer calculating value based on average spot rates over three months.

Creates a reduced 2.47% severance tax rate (down from 2.6%) for mine operators who pay in gold during specified years (2026-2031 for existing mines, 2026-2041 for new mines).

Establishes a 5% nonrefundable tax credit for qualified mine operators who pay taxes in gold during the same specified years.

Updates definitions of 'metalliferous minerals' to include specific metals and excludes certain materials like oil, gas, and gemstones; adds definitions for Great Salt Lake extraction operators and related terms.

Creates new tax rate categories for Great Salt Lake extraction operators based on whether they have water rights agreements and lake elevation levels, with rates ranging from 2.6% to 7.8%.

Modifies how severance tax revenue is deposited into various state agency accounts, with some references to specific subsections of tax code updated to reflect new numbering.

Requires Great Salt Lake extraction operators to submit annual certifications by December 31 regarding water rights status, evaporative concentration methods, and extraction volumes.

Updates code section references and numbering throughout the tax code to conform with new provisions, including changes to section 59-5-202 and related sections.