UT HB0195

State treasurer must conduct annual precious metals studies in 2026 and 2027 analyzing their role in state economic security, with legislative recommendations due to the Revenue and Taxation Interim Committee by October each year

State treasurer required to contract with third parties to establish a precious metals-backed electronic payment system using physical gold or silver held in Utah vault facilities

State contractors may voluntarily opt to receive payments through the precious metals-backed system, with system participants able to redeem physical gold or silver and responsible for transaction costs

State treasurer may invest up to 10% of funds in specific reserve accounts (Disaster Recovery, General Fund Budget Reserve, Income Tax Fund Budget Reserve, and Medicaid Growth Reduction accounts) in precious metals

Effective date is May 6, 2026; participation is voluntary for contractors and state entities, and the state may continue using other forms of payment