The Utah Governor signed a law that amends several sections of Utah code, establishing new tax provisions and funding mechanisms related to Great Salt Lake resource extraction and conservation. The law includes modifying severance tax rates for Great Salt Lake extraction operators based on water rights agreements and implementing a tiered tax system that includes exemptions when lake elevation falls below 4,198 feet. The law also increases the brine shrimp royalty from 3.25 to 3.75 cents per pound. [H.B. 247, enacted 03/25/26]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
