Two bills seek to increase circulation of gold in Utah
Feb 28, 2025, 1:00 PM | Updated: Mar 4, 2025, 9:49 am
FILE - A gold bar at Kennecott Utah Copper. (Kennecott Utah Copper)
(Kennecott Utah Copper)
SALT LAKE CITY — As the legislative session nears an end, two bills are seeking to circulate more gold in Utah.
Paying taxes with gold
HB528, sponsored by Rep. Ken Ivory, R-West Jordan, allows for anyone who would like to pay their taxes in gold. Ivory said that allowing taxes to be paid in gold will keep gold mined in Utah within the state.
“Gold is our number one export as a state by seven times (of) number two. It’s also our number one import and this helps us expand our industry and begin to develop an income in gold as a state.”
Although it’s pretty fun to think any person could do this, mining companies will benefit the most.
“So basically the bill just provides a small discount off of tax obligations for any mining companies that want to bring in physical gold for payment of their state tax obligations,” said President of the Utah Mining Association Brian Somers.
Ivory said the overall goals of this bill, and other like it, are to help the state and county be more self-sufficient with rare and precious metals.
The bill passed the Utah House and was given a favorable recommendation by a Senate committee.
Some could be paid in gold in Utah
Another bill sponsored by Ivory seeks to allow Utahns providing goods and services to the state to be paid in gold.
HB306 says that any vendor working with the state could request they be paid in gold instead of dollars.
Ivory said this bill gives vendors a choice on how they would like to be paid.
“The state simply sets up another account if vendors/service providers request to be paid in gold so they can preserve their purchasing power. State pushes dollars like any other bank account, the vendor/service provider receives gold,” Ivory said.
State Treasurer Marlo Oaks said since gold usually rises in value, choosing to receive payment in gold will mean you could be less impacted by inflation.
“You could say ‘I want to hold gold’ in some account that is backed by physical gold and in theory, they can preserve their purchasing power,” Oaks said.
The bill is a result of a workshop study that showed gold generally retains or increases in value over time.
“The value of your dollar is going down and gold has held its purchasing power,” Oaks said.
The bill still needs to be heard by a House committee.
Related: What to know about Fort Knox’s gold depository
