UT HB0362

Mine owners and operators who extract both gold and critical minerals may pay mining severance taxes by remitting physical gold to the state treasurer, valued at internationally recognized benchmark prices on the day of remittance

A 5% nonrefundable tax credit is available for mine owners who pay severance taxes in gold: existing mines (as of January 1, 2028) qualify for the credit through 2032, while new mines qualify through 2042

Gold received as tax payment must meet internationally recognized investment grade purity standards and is deposited into the General Fund Budget Reserve Account

The taxpayer bears all transactional costs associated with paying taxes in gold

Effective date is January 1, 2028 for taxable years beginning on or after that date