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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

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Submitted Nov 27, 2012 By: teafortwo

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honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Nov 30, 2012 4:56:34 AM Ignore honda0105 Report Abuse DanM: I think, sadly, that describe the IQ of many politicians ...
geminijax Champion Author Jacksonville Posts:16,817 Points:2,724,670 Joined:Aug 2005	Message Posted: Nov 29, 2012 9:31:08 PM Ignore geminijax Report Abuse LOL DanMtz. CA legislators are far more likely to pass laws that forbid such common sense actions.
teenitup Champion Author Houston Posts:1,612 Points:247,010 Joined:Sep 2012	Message Posted: Nov 29, 2012 8:43:22 PM Ignore teenitup Report Abuse 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?
MAC48 Champion Author Dallas Posts:1,546 Points:764,095 Joined:Dec 2006	Message Posted: Nov 28, 2012 10:35:40 AM Ignore MAC48 Report Abuse 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.
DanMtz Champion Author Oakland Posts:3,340 Points:1,240,400 Joined:Oct 2009	Message Posted: Nov 28, 2012 8:56:22 AM Ignore DanMtz Report Abuse If California legislators were to read this story, they'd be dumbfounded.
jethro5000 Champion Author Kentucky Posts:1,862 Points:388,310 Joined:Jun 2005	Message Posted: Nov 28, 2012 5:52:34 AM Ignore jethro5000 Report Abuse --
jrs4125 Champion Author Indiana Posts:2,743 Points:588,820 Joined:Sep 2011	Message Posted: Nov 27, 2012 11:37:01 PM Ignore jrs4125 Report Abuse Good thing to do.
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: Nov 27, 2012 8:26:48 PM Ignore BuckyTJones Report Abuse Lead by example.
PDQBlues Champion Author San Diego Posts:7,059 Points:1,445,400 Joined:Jan 2009	Message Posted: Nov 27, 2012 5:45:08 PM Ignore PDQBlues Report Abuse "The more tax revenue Utah collects, the more the constitutional amendment requires it to save." California could benefit greatly from this kind of legislation.
NHLiveFree Champion Author New Hampshire Posts:11,076 Points:1,620,255 Joined:Jun 2008	Message Posted: Nov 27, 2012 5:03:00 PM Ignore NHLiveFree Report Abuse 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."
GatorGuy Champion Author Columbia Posts:2,220 Points:1,204,485 Joined:Jan 2009	Message Posted: Nov 27, 2012 3:53:35 PM Ignore GatorGuy Report Abuse Stateside reserves? Hmmmm...
BigKart All-Star Author Indianapolis Posts:753 Points:222,345 Joined:Apr 2011	Message Posted: Nov 27, 2012 11:00:53 AM Ignore BigKart Report Abuse There's a novel idea. Spend less than you get. BO and Congress: are you listening? Reading Gas Buddy?
zimowski Champion Author San Jose Posts:6,656 Points:1,581,540 Joined:Nov 2007	Message Posted: Nov 27, 2012 10:36:07 AM Ignore zimowski Report Abuse The Democrats in California don't know how to save for a rainy day.
Mariuxus Champion Author Chicago Posts:3,745 Points:1,868,140 Joined:May 2007	Message Posted: Nov 27, 2012 10:01:27 AM Ignore Mariuxus Report Abuse ok...we'll see...
Catfish93001 Champion Author Ventura Posts:1,200 Points:247,205 Joined:Jun 2008	Message Posted: Nov 27, 2012 9:22:09 AM Ignore Catfish93001 Report Abuse Maybe they're just saving up for a really big party.
itzagasgasgas1 Champion Author Cincinnati Posts:3,959 Points:1,596,570 Joined:Aug 2005	Message Posted: Nov 27, 2012 9:01:53 AM Ignore itzagasgasgas1 Report Abuse Good to have money for a rainy day.
BillHeatherL Champion Author Alberta Posts:7,628 Points:1,921,705 Joined:Apr 2007	Message Posted: Nov 27, 2012 8:57:00 AM Ignore BillHeatherL Report Abuse hope it gets used for the right reasons
99church Champion Author Indiana Posts:1,806 Points:359,015 Joined:Oct 2011	Message Posted: Nov 27, 2012 8:51:34 AM Ignore 99church Report Abuse ditto w4kh
w4kh Champion Author Tennessee Posts:11,655 Points:2,226,065 Joined:May 2004	Message Posted: Nov 27, 2012 8:50:09 AM Ignore w4kh Report Abuse 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.
Rick01 Champion Author Utah Posts:9,003 Points:2,359,650 Joined:Sep 2005	Message Posted: Nov 27, 2012 8:44:23 AM Ignore Rick01 Report Abuse To bad the State Legislature has the control and will spend it to line their own pockets as usual here.
CarpenterNJ Champion Author New Jersey Posts:1,227 Points:509,740 Joined:Sep 2011	Message Posted: Nov 27, 2012 8:44:13 AM Ignore CarpenterNJ Report Abuse There's a plan...
twinfanMN Champion Author Minnesota Posts:1,616 Points:453,215 Joined:Jun 2011	Message Posted: Nov 27, 2012 8:43:54 AM Ignore twinfanMN Report Abuse 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.
2008JeepX Sophomore Author Newfoundland Posts:238 Points:72,550 Joined:Jan 2009	Message Posted: Nov 27, 2012 8:42:50 AM Ignore 2008JeepX Report Abuse Someone is thinking
gasmeup52 Champion Author Missouri Posts:1,310 Points:679,780 Joined:Jan 2011	Message Posted: Nov 27, 2012 8:41:50 AM Ignore gasmeup52 Report Abuse Good idea.
ModelWarships Champion Author Missouri Posts:5,779 Points:1,229,160 Joined:Jul 2008	Message Posted: Nov 27, 2012 8:40:41 AM Ignore ModelWarships Report Abuse are you kidding? Spend spend spend, borrow and spend spend some more. Works for 0bama.
Kato51 Champion Author Atlanta Posts:7,250 Points:2,161,840 Joined:Jul 2005	Message Posted: Nov 27, 2012 8:40:07 AM Ignore Kato51 Report Abuse Good to see someone finally using their head. Yea Utah!
HoosierDaddyKY Champion Author Kentucky Posts:1,257 Points:294,135 Joined:Dec 2011	Message Posted: Nov 27, 2012 8:40:07 AM Ignore HoosierDaddyKY Report Abuse Well, at least somebody seems to be half way responsible!
TC5504 All-Star Author West Virginia Posts:925 Points:191,085 Joined:Sep 2012	Message Posted: Nov 27, 2012 8:38:52 AM Ignore TC5504 Report Abuse Better to save than waste.
Zonk Champion Author Michigan Posts:6,466 Points:2,099,840 Joined:Oct 2005	Message Posted: Nov 27, 2012 8:38:15 AM Ignore Zonk Report Abuse The little piggy bank may come in handy one of these days.
BeaconLite Champion Author Ottawa Posts:1,927 Points:367,325 Joined:Sep 2009	Message Posted: Nov 27, 2012 8:37:56 AM Ignore BeaconLite Report Abuse They need to have a backup plan, otherwise they are in deep trouble.
7SPEEDY7 Champion Author Flint Posts:1,276 Points:602,750 Joined:May 2011	Message Posted: Nov 27, 2012 8:37:42 AM Ignore 7SPEEDY7 Report Abuse Genius!
mickealo Champion Author Spokane Posts:6,147 Points:2,141,510 Joined:Oct 2006	Message Posted: Nov 27, 2012 8:37:32 AM Ignore mickealo Report Abuse better be watched or someone will be using it without them knowing it
deputydog082 Champion Author Detroit Posts:1,771 Points:657,435 Joined:Apr 2011	Message Posted: Nov 27, 2012 8:37:01 AM Ignore deputydog082 Report Abuse sounds responsible! federal government take note!!
CharlieC08 Champion Author Colorado Posts:8,077 Points:1,486,075 Joined:Oct 2008	Message Posted: Nov 27, 2012 8:36:47 AM Ignore CharlieC08 Report Abuse Smart!
ManOfLeisureII Champion Author Philadelphia Posts:1,859 Points:451,975 Joined:Jan 2012	Message Posted: Nov 27, 2012 8:35:24 AM Ignore ManOfLeisureII Report Abuse The rest of the states should take notice.
krobp46 Champion Author Milwaukee Posts:2,694 Points:538,170 Joined:Sep 2011	Message Posted: Nov 27, 2012 8:35:07 AM Ignore krobp46 Report Abuse That's something we'll N E V E R see from our Federal Government
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Nov 27, 2012 8:35:05 AM Ignore pastorpaulcg Report Abuse In a lockbox? That only works if someone else has the key.
mswillia Champion Author Milwaukee Posts:2,618 Points:570,625 Joined:Feb 2010	Message Posted: Nov 27, 2012 8:34:13 AM Ignore mswillia Report Abuse As long as the savings is for something rather than the next administrations pork
vcsuksu21 Champion Author Oklahoma City Posts:2,468 Points:704,430 Joined:Dec 2010	Message Posted: Nov 27, 2012 8:33:11 AM Ignore vcsuksu21 Report Abuse @cucamongacurtis I agree but that state has already spend the next 100+ years of saving from the rainy day fund.
GManCo Champion Author Colorado Springs Posts:4,986 Points:948,890 Joined:Sep 2010	Message Posted: Nov 27, 2012 8:33:11 AM Ignore GManCo Report Abuse A smart move!!
CapriceWagon All-Star Author Washington Posts:929 Points:476,270 Joined:Feb 2008	Message Posted: Nov 27, 2012 8:32:30 AM Ignore CapriceWagon Report Abuse Saving money? what an old fashioned idea, I thought it's more fun to borrow $16 trillion to buy votes with entitlements
Tiernan2012 Champion Author Sacramento Posts:1,078 Points:173,175 Joined:Oct 2012	Message Posted: Nov 27, 2012 8:31:50 AM Ignore Tiernan2012 Report Abuse Safekeeping salaries for future politicians?
TXGasPriceSpy Champion Author Fort Worth Posts:7,795 Points:1,469,350 Joined:Sep 2008	Message Posted: Nov 27, 2012 8:31:15 AM Ignore TXGasPriceSpy Report Abuse Save when you can.
Asbury09 Champion Author Iowa Posts:7,198 Points:1,527,380 Joined:Jan 2009	Message Posted: Nov 27, 2012 8:30:58 AM Ignore Asbury09 Report Abuse permanent only until some politician wakes up
dm9667_23 Champion Author Pennsylvania Posts:1,203 Points:349,970 Joined:May 2008	Message Posted: Nov 27, 2012 8:30:40 AM Ignore dm9667_23 Report Abuse nice idea
cucamongacurtis Champion Author San Bernardino Posts:1,024 Points:217,185 Joined:Oct 2012	Message Posted: Nov 27, 2012 8:30:26 AM Ignore cucamongacurtis Report Abuse California should look at something like this. Oh, wait . . . Democrat supermajority in the state legislature . . . never mind . . .
Hangnail309 Champion Author Manitoba Posts:6,009 Points:1,674,255 Joined:Aug 2006	Message Posted: Nov 27, 2012 8:30:20 AM Ignore Hangnail309 Report Abuse sounds like a rainy day fund and in these times, maybe this is a good idea ...
NemoIL Champion Author Illinois Posts:3,010 Points:1,310,195 Joined:Aug 2008	Message Posted: Nov 27, 2012 8:30:17 AM Ignore NemoIL Report Abuse It will be "permanent" until the tax and spend liberals get their hands on it.
PTBpricer Champion Author Virginia Posts:1,465 Points:202,520 Joined:Jun 2012	Message Posted: Nov 27, 2012 8:30:00 AM Ignore PTBpricer Report Abuse Good for them.
mitchells Champion Author Montreal Posts:3,851 Points:1,122,310 Joined:Oct 2009	Message Posted: Nov 27, 2012 8:29:58 AM Ignore mitchells Report Abuse 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?!!