HB 362 Utah House · 2026 General Session

Tax Payments with Gold

HB 362 allows specific mine owners and operators in Utah to pay their mining severance taxes using gold instead of cash. It also provides a nonrefundable tax credit equal to the amount of tax paid in gold for qualifying mines during designated years. The bill amends multiple Utah tax code sections to implement this payment method and credit system. This change directly affects mining businesses subject to severance taxes, with no new state funding required.

Bill status failed 4 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Mar 2026

House Passage

Feb 2026

Senate Passage

Feb 2026

Governor

Introduced Jan 26, 2026 Last action Mar 7, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Substitute #1 · 5 edits

MODERATE

This bill was amended to add a new section allowing the State Treasurer to invest public funds in precious metals, expanding the scope of the original gold tax payment provision. The changes clarify that gold deposited for tax payments does not count toward investment limits and authorize the Treasurer to deduct administrative costs from investment earnings. Additionally, the Senate sponsor was updated, and a new section was added to allow the Treasurer to invest in specific budget reserve accounts.

Scope change

The bill's scope expanded from solely allowing tax payments in gold to also permitting the State Treasurer to invest general public funds in precious metals within specific accounts.

FISCAL

Added a new section authorizing the State Treasurer to invest up to 10% of specific public fund accounts in precious metals, including the General Fund Budget Reserve Account.

TECHNICAL

Clarified that gold deposited for tax payments under the new section does not count toward the 10% investment limit for those accounts.

Corrected the Senate sponsor name from 'LONG TITLE' to 'Ann Millner' and added a new section number (Section 12) to address investments in precious metals.

REQUIREMENT

Added a provision allowing the State Treasurer to deduct administrative costs like delivery and vaulting fees from the earnings generated by precious metal investments.

DEFINITION

Updated the definition of acceptable gold from 'Utah gold' to simply 'gold' to broaden eligibility for tax payments.

Floor votes · House Feb 23, 2026

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 5, 2026

Upper · Passed

Senate/ comm rpt/ sent to Rules [Senate Rules Committee]

upper

Mar 4, 2026

Upper · Passed

Senate Comm - Recommends Returned to Rules [Senate Revenue and Taxation Committee]

upper

Feb 26, 2026

Committee

Senate/ to standing committee [Senate Revenue and Taxation Committee]

upper

Feb 24, 2026

Introduced

Senate/ 1st reading (Introduced)

upper

Feb 23, 2026

Upper · Passed

House/ passed 3rd reading

upper

Feb 17, 2026

Lower · Passed

House/ comm rpt/ substituted [House Revenue and Taxation Committee]

lower

Feb 13, 2026

Lower · Passed

House Comm - Favorable Recommendation [House Revenue and Taxation Committee]

lower

Feb 12, 2026

Committee

House/ to standing committee [House Revenue and Taxation Committee]

lower

Jan 26, 2026

Introduced

House/ 1st reading (Introduced)

lower

1 primary · 1 co-sponsor