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HJ0007 • 2023

Permanent mineral trust fund-distributions and investments.

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to modify and modernize the permanent Wyoming mineral trust fund; requiring that all fund earnings be transferred to a separate earnings fund; providing for the expenditure of the fund's earnings; and requiring that the Legislature provide a means for making whole investment and loan losses to the corpus of the fund.

Land Taxes
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
HAppropriations
Last action
2023-02-07
Official status
inactive
Effective date
3/1/2023

Plain English Breakdown

The official source material does not provide specific details on how earnings will be spent or what happens if there are losses to the main trust fund, leaving these aspects unclear.

Proposed Changes to Wyoming's Mineral Trust Fund

This resolution proposes changes to Wyoming's Constitution regarding the Permanent Wyoming Mineral Trust Fund, including how its earnings are managed and protected from losses.

What This Bill Does

  • Changes the constitution to require all fund earnings be transferred to a separate account called an 'earnings fund'.
  • Requires the Legislature to create ways to replace any money lost from investments or loans made with trust fund money.

Who It Names or Affects

  • The Wyoming State Legislature
  • People who manage the Permanent Wyoming Mineral Trust Fund

Terms To Know

Permanent Wyoming Mineral Trust Fund (PWMTF)
A fund that holds money from mineral taxes for future use by Wyoming residents.
Earnings fund
An account where the profits made from investments in the trust fund are kept separately.

Limits and Unknowns

  • The bill is marked as inactive, meaning it did not pass during its current session.
  • It does not specify how earnings will be spent or what happens if there are losses to the main trust fund.

Bill History

  1. 2023-02-07 House

    H:Died in Committee Returned Bill Pursuant to HR 5-4

  2. 2023-02-07 House

    H No report prior to CoW Cutoff

  3. 2023-01-26 House

    H Introduced and Referred to H02 - Appropriations

  4. 2023-01-25 House

    H Received for Introduction

  5. 2023-01-24 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
23LSO-0686
2023
STATE OF WYOMING
23LSO-0686
Numbered
2.0

House Joint Resolution NO. HJ0007

Permanent mineral trust fund-distributions and investments.

Sponsored by: House Appropriations Committee

A JOINT RESOLUTION

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to modify and modernize the permanent Wyoming mineral trust fund; requiring that all fund earnings be transferred to a separate earnings fund; providing for the expenditure of the fund's earnings; and requiring that the Legislature provide a means for making whole investment and loan losses to the corpus of the fund.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.

The following proposal to amend Article 15, Section 19 of the Wyoming Constitution is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 19.

Mineral excise tax; distribution
.

The Legislature shall provide by law for an excise tax on the privilege of severing or extracting minerals, of one and one-half percent (1

1/2%) on the value of the gross product extracted. The minerals subject to such excise tax shall be coal, petroleum, natural gas, oil shale, and such other minerals as may be designated by the Legislature. Such tax shall be in addition to any other excise, severance or ad valorem tax. The proceeds from such tax shall be deposited in the Permanent Wyoming Mineral Trust Fund.
The
This Permanent F
und, including all monies deposited in the
Permanent F
und from whatever source, shall remain inviolate
and the Legislature shall prescribe by law the manner, means and timing for supplying losses to the Permanent Fund
. The monies in the
Permanent F
und shall be invested as prescribed by the Legislature and all
income from fund investments
investment
earnings
,
which may include both realized and unrealized gains as prescribed by the Legislature,
shall be
deposited
credited
by the State Treasurer
in the general fund
to a separate earnings fund
on
not less than
an annual basis.

The separate earnings fund may be invested, held or distributed as prescribed by the Legislature.

The Legislature may
also
specify by law
,
conditions and terms under which monies in the
Permanent F
und may be loaned to political subdivisions of the state.
The Legislature shall prescribe by law the manner, means and timing for supplying losses to the Permanent Fund from loans made to political subdivisions.

Section 2.

That the Secretary of State shall endorse the following statement on the proposed amendment:

The Permanent Wyoming Mineral Trust Fund (PWMTF) is one of Wyoming's permanent funds that holds public money for the benefit of current and future generations.

Monies in the PWMTF can be invested and loaned to political subdivisions.

This amendment would clarify the "inviolate" nature of the PWMTF by specifying that any investment or loan losses to the PWMTF's corpus must be made whole. The Legislature would be required to adopt laws to provide for the means and timing for doing so.

The amendment would also require that all earnings from PWMTF investments be deposited to a separate earnings fund.

Currently, the constitution specifies the disposition of PWMTF investment income but does not specify the use or disposition of investment earnings.

(END)

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HJ0007