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HB 362UTAHSession 2026State Billdead
Did Not Advance

Utah allows mine owners to pay severance taxes in gold and offers a temporary 5% tax credit

Original title: Tax Payments with Gold

Last action · March 6, 2026: House/ filedSponsors: Ken Ivory and 1 other

Bill progressHistory & official text ↓
Introduced
Committee
Floor Vote
Passed
Law

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What This Bill Proposed

Official description

This bill addresses tax payments.

Why it matters

Mine owners and operators extracting gold and s gain a new option to settle tax obligations while qualifying for a 5% tax credit through 2033 or 2043, whereas taxpayers bear transaction costs and the state assumes responsibility for vaulting and managing physical precious metal deposits.

Who It Would Have Affected

Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.

Directly affected

mine owners and operators

Mine owners and operators gain the option to pay severance taxes in physical gold and become eligible for a 5% nonrefundable tax credit if they meet critical mineral extraction criteria.

Directly affected

state treasurer's office

The state treasurer's office must calculate gold values, verify investment-grade purity, accept physical gold, notify tax and finance agencies, and deposit the metal into reserve accounts.

Directly affected

State Tax Commission

The State Tax Commission receives payment notices from the state treasurer and adjusts taxpayer records accordingly.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who is eligible to pay mining severance taxes using gold?
Taxpayers who own or operate a mine for extracting gold and one or more s, and who remit gold equivalent in value to the taxes owed, are eligible.
Who pays for the transactional costs when remitting gold for taxes?
The taxpayer is responsible for paying any transactional costs resulting from paying taxes in gold.
How long can a qualified taxpayer claim the 5% tax credit for paying in gold?
Operators running a mine on January 1, 2028, can claim it for tax years between 2028 and 2033. Operators starting after that date can claim it for tax years between 2028 and 2043.

What else do you want to know?

News Coverage

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Where This Stands

This bill did not become law - Died at adjournment · passed the House · in Senate committee.

Procedural history

31 actions
  1. Mar 6, 2026House
    House/ filed
  2. Mar 6, 2026House
    House/ received from Senate
  3. Mar 6, 2026Senate
    Senate/ to House
  4. Mar 6, 2026Senate
    Senate/ strike enacting clause
  5. Mar 5, 2026Senate
    Senate/ comm rpt/ sent to Rules
  6. Mar 4, 2026Senate
    Senate Comm - Recommends Returned to Rules
Show 25 earlier actions
  1. Mar 2, 2026Senate
    Senate Comm - Motion to Recommend Failed
  2. Feb 26, 2026SenateCommittee
    Senate/ to standing committee
  3. Feb 24, 2026SenateIntroduced
    Senate/ 1st reading (Introduced)
  4. Feb 23, 2026Senate
    Senate/ received from House
  5. Feb 23, 2026House
    House/ to Senate
  6. Feb 23, 2026HouseFloor
    House/ passed 3rd reading
  7. Feb 23, 2026House
    House/ 3rd reading
  8. Feb 19, 2026Released
    LFA/ fiscal note publicly available for HB0362S01
  9. Feb 17, 2026House
    House/ 2nd reading
  10. Feb 17, 2026House
    House/ comm rpt/ substituted
  11. Feb 17, 2026Version Sponsor
    LFA/ fiscal note sent to sponsor for HB0362S01
  12. Feb 13, 2026House
    House Comm - Favorable Recommendation
  13. Feb 13, 2026House
    House Comm - Substitute Recommendation
  14. Feb 13, 2026Legislative Fiscal Agency
    LFA/ bill sent to agencies for fiscal input for HB0362S01
  15. Feb 13, 2026Legislative Fiscal Analyst
    LFA/ bill assigned to staff for fiscal analysis for HB0362S01
  16. Feb 12, 2026HouseCommittee
    House/ to standing committee
  17. Jan 29, 2026House
    House/ received fiscal note from Fiscal Analyst
  18. Jan 28, 2026Released
    LFA/ fiscal note publicly available for HB0362
  19. Jan 28, 2026Version Sponsor
    LFA/ fiscal note sent to sponsor for HB0362
  20. Jan 26, 2026HouseIntroduced
    House/ 1st reading (Introduced)
  21. Jan 26, 2026House
    House/ received bill from Legislative Research
  22. Jan 26, 2026Legislative Fiscal Agency
    LFA/ bill sent to agencies for fiscal input for HB0362
  23. Jan 26, 2026Legislative Fiscal Analyst
    LFA/ bill assigned to staff for fiscal analysis for HB0362
  24. Jan 26, 2026Legislative Research and General Counsel
    Numbered Bill Publicly Distributed
  25. Jan 26, 2026Legislative Research and General Counsel
    Bill Numbered but not Distributed

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Sponsors

Ken IvoryHouse · District 39RepublicanPrimary sponsor
Ann MillnerSenate · District 5RepublicanCosponsor

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift99% confidence

Adoption of Precious Metal Tax Remittances

The legislation introduces a direct mechanism for settling state tax liabilities using physical gold rather than standard fiat currency.

State Tax Commission

Connected Entities

State Tax Commission, Division of Finance, Ken Ivory and 3 more
OrganizationState Tax Commission“Administers tax collection and deposits”Map →
OrganizationDivision of Finance“Distributes revenue and handles fund credits”Map →
PersonKen Ivory“Chief Sponsor of HB 362”Map →
OrganizationUtah Communications Authority“Receives specific tax and access line reports”Map →
PersonAnn Millner“Senate Sponsor of HB 362”Map →
OrganizationGovernor's Office of Economic Opportunity“Receives tax information under statutory exceptions”Map →

Sources

Open source document

le.utah.gov

Analysis Score

0–100
  • Significance20
    Lowered because this bill did not pass (its text scored 75)
  • Controversy40
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz35
    Current news / social attention level

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