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SB 343

Age Verification of Account Holders; providers of social media platforms from permitting a minor aged 14 years or younger to be an account holder; prohibit

2025-2026 Regular Session Introduced by Bo Hatchett and 2 co-sponsors

SB 343 aimed to redirect coal tax revenue back to the coal trust fund, supporting financial stability and local projects, but it ultimately did not pass.

Senate Read and Referred
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Bill Summary · SB 343

Summary of SB 343: Revert Revenue from Coal Tax to Coal Trust

Bill Overview

Bill Number: SB 343
Title: Revert Revenue from Coal Tax to Coal Trust
Status: Died in Standing Committee
Introduced: November 27, 2024
Classification: Bill
Subject Areas: Money Transfer, State Finance, Taxation (Coal, Individual Income)

Purpose and Intent

SB 343 aimed to redirect revenue generated from coal taxes back into the coal trust fund. The intent behind this legislation was to ensure that funds collected from coal taxation would be reinvested into the coal trust, potentially supporting future financial stability and resource management related to coal production and its economic impacts.

Key Provisions

  • Revenue Reversion: The primary provision of SB 343 was to mandate that a specified portion of the revenue collected from coal taxes be reverted to the coal trust fund.
  • Financial Management: The bill sought to enhance the financial management of coal tax revenues, ensuring that these funds could be utilized for long-term benefits related to coal resources.

Affected Parties

  • Coal Industry: The bill would have directly impacted coal producers and stakeholders by altering the flow of tax revenues.
  • State Finance: The reversion of coal tax revenues to the coal trust fund would have implications for state financial planning and resource allocation.
  • Local Communities: Communities reliant on coal production could have seen indirect benefits from the reinvestment of these funds into local projects and initiatives.

Legislative Timeline

  • November 27, 2024: Bill introduced.
  • February 17, 2025: First reading in the Senate.
  • February 19, 2025: Referred to the Senate Taxation Committee.
  • March 19, 2025: Bill passed as amended in the Senate Taxation Committee.
  • April 3, 2025: Passed third reading in the Senate and transmitted to the House.
  • April 4, 2025: Referred to the House Taxation Committee and subsequently tabled.
  • May 23, 2025: Bill died in the House Standing Committee.

Conclusion

While SB 343 aimed to enhance the management of coal tax revenues by reverting them to the coal trust fund, it ultimately did not progress through the legislative process and was not enacted. The bill's failure to advance highlights the complexities and challenges associated with financial legislation in the context of state taxation and resource management.

Compiled from official sources — confirm details with the bill’s official record.

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