Fiscal Note
H.B. 528
2025 General Session
Tax Payments with Precious Metals
by Ivory, Ken
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(510,800) $291,400 $(219,400)
State Government UCA 36-12-13(2)(c)
Revenues FY 2025 FY 2026 FY 2027
General Fund $0 $(458,600) $(458,600)
General Fund, One-time $0 $342,200 $0
Income Tax Fund $0 $(52,200) $(52,200)
Income Tax Fund, One-time $0 $50,000 $0
Dedicated Credits Revenue $0 $3,000 $3,000
Division of Air Quality Oil, Gas,
and Mining (GFR)
$0 $(400) $(400)
Division of Air Quality Oil, Gas,
and Mining (GFR), One-time
$0 $400 $0
Division of Oil, Gas, and Mining
(GFR)
$0 $(4,000) $(4,000)
Division of Oil, Gas, and Mining
(GFR), One-time
$0 $4,000 $0
Utah Geological Survey
Restricted Account (GFR)
$0 $(400) $(400)
Utah Geological Survey
Restricted Account (GFR), One-
time
$0 $400 $0
Other Financing Sources $0 $(462,500) $(462,500)
Other Financing Sources, One-
time
$0 $347,100 $0
Total Revenues $0 $(231,000) $(975,100)
Enactment of this bill could reduce state tax revenues by $231,000 in FY 2026 and $975,100 in FY
2027. Impacts are to the General Fund, Income Tax Fund, Permanent State Trust Fund, and other
severance tax earmarks. The legislation could have an unknown impact on state tax revenues based
on differences in the gold spot rate when the taxes are paid and the average spot rate over the three
months preceding the day on which the payment is due.
Enactment of this legislation could reduce investment earnings deposited into the General Fund
by $800 ongoing beginning in FY 2026 and reduce deposits into the Income Tax Fund by $2,200
H.B. 528
2025/02/25 17:00, Lead Analyst: Andrea Wilko, Attorney: Gilbert, C. ongoing beginning in FY 2026 due to storage, insurance, and auditing fees related to precious metals.
Enactment of this legislation could also increase Dedicated Credit Revenue to the State Treasurer by
$3,000 ongoing beginning in FY 2026 due to the investment earnings used for administrative costs.
Expenditures FY 2025 FY 2026 FY 2027
General Fund, One-time $31,000 $0 $0
Income Tax Fund, One-time $69,800 $0 $0
Dedicated Credits Revenue $0 $3,000 $3,000
Total Expenditures $100,800 $3,000 $3,000
Enactment of this legislation could cost the Tax Commission $100,800 one-time from the General
Fund/Income Tax Fund in FY 2025 for system changes and program development. Enactment of this
legislation could cost the State Treasurer $3,000 ongoing in Dedicated Credits Revenue beginning in
FY 2026 for storage, insurance, and auditing fees related to precious metals.
FY 2025 FY 2026 FY 2027
Net All Funds $(100,800) $(234,000) $(978,100)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Individuals & Businesses UCA 36-12-13(2)(c)
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 $231,000 in FY
2026 and $975,100 in FY 2027. This bill also provides an income tax credit for mine operators that
pay in gold. Assuming $1,000,000 in income taxes are paid in gold, taxpayers could see a $50,000
reduction in income tax liability in FY 2027.
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation likely will not change the regulatory burden for Utah residents or
businesses.
Performance Evaluation JR1-4-601
This bill does not create a new program or significantly expand an existing program.
Notes on Notes
Fiscal explanations estimate the direct costs or revenues of enacting a bill. The Legislature uses them to balance the budget. They do not
measure a bill's benefits or non-fiscal impacts like opportunity costs, wait times, or inconvenience. A fiscal explanation is not an appropriation. The
Legislature decides appropriations separately.
H.B. 528
2025/02/25 17:00, Lead Analyst: Andrea Wilko, Attorney: Gilbert, C.