Not Logged In Log In   Sign Up   Points Leaders
Follow Us    5:24 AM

GasBuddy News Article

31
votes
Utah votes to save some oil & gas taxes

sfgate.com (AP) -- A ballot recount Monday confirmed that Utah voters narrowly agreed to put about $36 million of oil and gas riches into a permanent fund for safekeeping.

..The constitutional amendment requiring Utah to set aside a portion of its tax on oil, gas and mining was another election night cliffhanger. With more than 79,000 absentee and provisional ballots added to the mix Monday, the canvassing board confirmed it was a winner by barely 1 percentage point.

The measure forces elected officials to divert a portion of the severance tax into a permanent fund already fortified with tobacco settlement money.

That fund contains $123 million the state treasurer's office said Monday.

States such as New Mexico, North Dakota and Wyoming do the same — and have saved billions of dollars for a rainy


Read the Full Article

Submitted Nov 27, 2012 By: teafortwo
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Utah votes to save some oil & gas taxes Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,229
Points:2,067,965
Joined:Nov 2008
Message Posted: Nov 30, 2012 5:56:34 AM

DanM: I think, sadly, that describe the IQ of many politicians ...
Profile Pic
geminijax
Champion Author Jacksonville

Posts:18,657
Points:3,134,530
Joined:Aug 2005
Message Posted: Nov 29, 2012 10:31:08 PM

LOL DanMtz. CA legislators are far more likely to pass laws that forbid such common sense actions.
Profile Pic
teenitup
Champion Author Houston

Posts:4,244
Points:686,660
Joined:Sep 2012
Message Posted: Nov 29, 2012 9:43:22 PM

So much money comes into the local, state and federal coffers thru taxes on oil and gas. Good for the folks in Utah for at least keeping some of it safeguarded from reckless government spending.

Anyone ever wonder why renewables do not produce any taxes for the government?
Profile Pic
MAC48
Champion Author Dallas

Posts:3,021
Points:1,187,235
Joined:Dec 2006
Message Posted: Nov 28, 2012 11:35:40 AM

One has to commend the voters of Utah for passing such a common sense amendment to their state constitution since the legislature has proven that it, as is the case in most states, is incapable of setting aside funds to spend when things are truly financially catastrophic from a state revenue stream perspective. Legislators and bureaucrats can and will always find projects or causes that require initial or increased funding to equal and often exceed all incoming state revenue but the question has to be asked are all of the perceived expenditures really necessary.

Only the foolish state governments spend their entire current revenue stream plus incur debt to meet today’s spending objectives.
Profile Pic
DanMtz
Champion Author Oakland

Posts:5,528
Points:1,701,565
Joined:Oct 2009
Message Posted: Nov 28, 2012 9:56:22 AM

If California legislators were to read this story, they'd be dumbfounded.
Profile Pic
jethro5000
Champion Author Kentucky

Posts:4,041
Points:846,660
Joined:Jun 2005
Message Posted: Nov 28, 2012 6:52:34 AM

--
Profile Pic
jrs4125
Champion Author Indiana

Posts:4,764
Points:1,043,785
Joined:Sep 2011
Message Posted: Nov 28, 2012 12:37:01 AM

Good thing to do.
Profile Pic
BuckyTJones
Champion Author Salt Lake City

Posts:5,272
Points:1,056,730
Joined:Mar 2010
Message Posted: Nov 27, 2012 9:26:48 PM


Lead by example.
Profile Pic
PDQBlues
Champion Author San Diego

Posts:9,233
Points:1,903,500
Joined:Jan 2009
Message Posted: Nov 27, 2012 6:45:08 PM


"The more tax revenue Utah collects, the more the constitutional amendment requires it to save."

California could benefit greatly from this kind of legislation.
Profile Pic
NHLiveFree
Champion Author New Hampshire

Posts:13,532
Points:2,065,460
Joined:Jun 2008
Message Posted: Nov 27, 2012 6:03:00 PM

Appears to be an extremely tough piggy bank to ever crack open. Why the need for a state constitutional amendment on this?

"... "I like to think of it not as a rainy day fund but a hurricane fund for much more serious things," he said. It would take a three-quarter vote of the Utah House and Senate and the governor's signature to crack open the permanent fund for any purpose.

The more tax revenue Utah collects, the more the constitutional amendment requires it to save.

Utah takes in about $91 million on oil, gas and mineral development.

At that rate, Utah will set aside about $36 million a year for the permanent fund.

The new measure takes effect in 2016 — but Nielson hopes to get legislators to act sooner and voluntarily save some of the oil taxes. That's already allowed by a 2008 constitutional amendment that Nielson says hasn't worked out well, because elected officials made only one deposit and ignored it every other year.

Nielson argues it's a good time to ramp up savings with the recession fading and tax revenues growing in Utah. Gov. Gary Herbert recently announced Utah would have $421 million more to spend than anticipated for the next budget year, which starts July 1.

House Minority Leader David Litvack led opposition to the forced savings plan. He said Utah has other rainy day funds that grow by tens of millions of dollars in times of budget surpluses and have never dipped below $209 million."
Profile Pic
GatorGuy
Champion Author Columbia

Posts:3,536
Points:1,609,775
Joined:Jan 2009
Message Posted: Nov 27, 2012 4:53:35 PM

Stateside reserves? Hmmmm...
Profile Pic
BigKart
Champion Author Indianapolis

Posts:2,044
Points:623,470
Joined:Apr 2011
Message Posted: Nov 27, 2012 12:00:53 PM

There's a novel idea. Spend less than you get. BO and Congress: are you listening? Reading Gas Buddy?
Profile Pic
zimowski
Champion Author San Jose

Posts:8,828
Points:2,041,765
Joined:Nov 2007
Message Posted: Nov 27, 2012 11:36:07 AM

The Democrats in California don't know how to save for a rainy day.
Profile Pic
Mariuxus
Champion Author Chicago

Posts:5,689
Points:2,320,035
Joined:May 2007
Message Posted: Nov 27, 2012 11:01:27 AM

ok...we'll see...
Profile Pic
Catfish93001
Champion Author Ventura

Posts:1,318
Points:298,590
Joined:Jun 2008
Message Posted: Nov 27, 2012 10:22:09 AM

Maybe they're just saving up for a really big party.
Profile Pic
itzagasgasgas1
Champion Author Cincinnati

Posts:6,129
Points:2,051,835
Joined:Aug 2005
Message Posted: Nov 27, 2012 10:01:53 AM

Good to have money for a rainy day.
Profile Pic
BillHeatherL
Champion Author Alberta

Posts:9,761
Points:2,358,705
Joined:Apr 2007
Message Posted: Nov 27, 2012 9:57:00 AM

hope it gets used for the right reasons
Profile Pic
99church
Champion Author Indiana

Posts:3,960
Points:811,340
Joined:Oct 2011
Message Posted: Nov 27, 2012 9:51:34 AM

ditto w4kh
Profile Pic
w4kh
Champion Author Tennessee

Posts:13,833
Points:2,685,660
Joined:May 2004
Message Posted: Nov 27, 2012 9:50:09 AM

Since the amendment requires a 3/4 majority vote in both the house and senate as well as the governor signing off, it is not likely that these rainy day funds will be squandered on something trivial.
Profile Pic
Rick01
Champion Author Utah

Posts:11,192
Points:2,812,480
Joined:Sep 2005
Message Posted: Nov 27, 2012 9:44:23 AM

To bad the State Legislature has the control and will spend it to line their own pockets as usual here.
Profile Pic
CarpenterNJ
Champion Author New Jersey

Posts:2,943
Points:893,215
Joined:Sep 2011
Message Posted: Nov 27, 2012 9:44:13 AM

There's a plan...
Profile Pic
twinfanMN
Champion Author Minnesota

Posts:2,572
Points:696,535
Joined:Jun 2011
Message Posted: Nov 27, 2012 9:43:54 AM

A rainy day fund? What a great idea. I hope they have honest accuntants to eliminate these funds from going into a campaign fund or some politicians bank account.
Profile Pic
2008JeepX
Sophomore Author Newfoundland

Posts:238
Points:73,225
Joined:Jan 2009
Message Posted: Nov 27, 2012 9:42:50 AM

Someone is thinking
Profile Pic
gasmeup52
Champion Author Missouri

Posts:3,123
Points:1,123,595
Joined:Jan 2011
Message Posted: Nov 27, 2012 9:41:50 AM

Good idea.
Profile Pic
ModelWarships
Champion Author Missouri

Posts:7,175
Points:1,536,505
Joined:Jul 2008
Message Posted: Nov 27, 2012 9:40:41 AM

are you kidding? Spend spend spend, borrow and spend spend some more. Works for 0bama.
Profile Pic
Kato51
Champion Author Atlanta

Posts:7,429
Points:2,197,420
Joined:Jul 2005
Message Posted: Nov 27, 2012 9:40:07 AM

Good to see someone finally using their head. Yea Utah!
Profile Pic
HoosierDaddyKY
Champion Author Kentucky

Posts:2,641
Points:586,420
Joined:Dec 2011
Message Posted: Nov 27, 2012 9:40:07 AM

Well, at least somebody seems to be half way responsible!
Profile Pic
TC5504
Champion Author West Virginia

Posts:3,069
Points:651,065
Joined:Sep 2012
Message Posted: Nov 27, 2012 9:38:52 AM

Better to save than waste.
Profile Pic
Zonk
Champion Author Michigan

Posts:8,621
Points:2,553,065
Joined:Oct 2005
Message Posted: Nov 27, 2012 9:38:15 AM

The little piggy bank may come in handy one of these days.
Profile Pic
BeaconLite
Champion Author Ottawa

Posts:4,488
Points:809,695
Joined:Sep 2009
Message Posted: Nov 27, 2012 9:37:56 AM

They need to have a backup plan, otherwise they are in deep trouble.
Profile Pic
7SPEEDY7
Champion Author Flint

Posts:3,083
Points:1,044,020
Joined:May 2011
Message Posted: Nov 27, 2012 9:37:42 AM

Genius!
Profile Pic
mickealo
Champion Author Spokane

Posts:8,216
Points:2,577,165
Joined:Oct 2006
Message Posted: Nov 27, 2012 9:37:32 AM

better be watched or someone will be using it without them knowing it
Profile Pic
deputydog082
Champion Author Detroit

Posts:3,550
Points:1,061,405
Joined:Apr 2011
Message Posted: Nov 27, 2012 9:37:01 AM

sounds responsible! federal government take note!!
Profile Pic
CharlieC08
Champion Author Colorado

Posts:8,106
Points:1,493,805
Joined:Oct 2008
Message Posted: Nov 27, 2012 9:36:47 AM

Smart!
Profile Pic
ManOfLeisureII
Champion Author Philadelphia

Posts:4,009
Points:909,640
Joined:Jan 2012
Message Posted: Nov 27, 2012 9:35:24 AM

The rest of the states should take notice.
Profile Pic
krobp46
Champion Author Milwaukee

Posts:4,926
Points:999,590
Joined:Sep 2011
Message Posted: Nov 27, 2012 9:35:07 AM

That's something we'll N E V E R see from our Federal Government
Profile Pic
pastorpaulcg
Champion Author Virginia

Posts:3,615
Points:776,835
Joined:Dec 2010
Message Posted: Nov 27, 2012 9:35:05 AM

In a lockbox? That only works if someone else has the key.
Profile Pic
mswillia
Champion Author Milwaukee

Posts:4,051
Points:774,280
Joined:Feb 2010
Message Posted: Nov 27, 2012 9:34:13 AM

As long as the savings is for something rather than the next administrations pork
Profile Pic
vcsuksu21
Champion Author Oklahoma City

Posts:2,543
Points:901,285
Joined:Dec 2010
Message Posted: Nov 27, 2012 9:33:11 AM

@cucamongacurtis I agree but that state has already spend the next 100+ years of saving from the rainy day fund.
Profile Pic
GManCo
Champion Author Colorado Springs

Posts:7,089
Points:1,402,485
Joined:Sep 2010
Message Posted: Nov 27, 2012 9:33:11 AM

A smart move!!
Profile Pic
CapriceWagon
Champion Author Washington

Posts:1,425
Points:857,115
Joined:Feb 2008
Message Posted: Nov 27, 2012 9:32:30 AM

Saving money? what an old fashioned idea, I thought it's more fun to borrow $16 trillion to buy votes with entitlements
Profile Pic
Tiernan2012
Champion Author Sacramento

Posts:3,251
Points:620,840
Joined:Oct 2012
Message Posted: Nov 27, 2012 9:31:50 AM

Safekeeping salaries for future politicians?
Profile Pic
TXGasPriceSpy
Champion Author Fort Worth

Posts:9,996
Points:1,925,025
Joined:Sep 2008
Message Posted: Nov 27, 2012 9:31:15 AM

Save when you can.
Profile Pic
Asbury09
Champion Author Iowa

Posts:9,383
Points:1,988,405
Joined:Jan 2009
Message Posted: Nov 27, 2012 9:30:58 AM

permanent only until some politician wakes up
Profile Pic
dm9667_23
Champion Author Pennsylvania

Posts:1,595
Points:500,995
Joined:May 2008
Message Posted: Nov 27, 2012 9:30:40 AM

nice idea
Profile Pic
cucamongacurtis
Champion Author San Bernardino

Posts:3,103
Points:672,415
Joined:Oct 2012
Message Posted: Nov 27, 2012 9:30:26 AM

California should look at something like this. Oh, wait . . . Democrat supermajority in the state legislature . . . never mind . . .
Profile Pic
Hangnail309
Champion Author Manitoba

Posts:8,151
Points:2,126,000
Joined:Aug 2006
Message Posted: Nov 27, 2012 9:30:20 AM

sounds like a rainy day fund and in these times, maybe this is a good idea ...
Profile Pic
NemoIL
Champion Author Illinois

Posts:4,942
Points:1,732,715
Joined:Aug 2008
Message Posted: Nov 27, 2012 9:30:17 AM

It will be "permanent" until the tax and spend liberals get their hands on it.
Profile Pic
PTBpricer
Champion Author Virginia

Posts:4,968
Points:468,520
Joined:Jun 2012
Message Posted: Nov 27, 2012 9:30:00 AM

Good for them.
Profile Pic
mitchells
Champion Author Montreal

Posts:5,244
Points:1,530,170
Joined:Oct 2009
Message Posted: Nov 27, 2012 9:29:58 AM

Wow, people actually thinking and acting responsibly and thinking about the future, and not just lining their pockets today? What has this world come to?!!
Post a reply Back to Topics