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SB 152

Constitutional amendment to revise investment restrictions of coal trust fund

2025 Regular Session Introduced by Dave Fern

Montana constitutional amendment to relax coal trust fund investment restrictions died in committee after missing referendum deadline, raising questions about fund modernization strategy.

(S) Died in Process
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Bill Summary · SB 152

Legislative bill overview

SB 152 proposed a constitutional amendment to modify how Montana's coal trust fund—a permanent fund established from coal tax revenues—can invest its assets. The bill would have revised the investment restrictions currently governing the fund, though the specific proposed changes are not detailed in the action history provided.

Why is this important

Montana's coal trust fund is a significant state asset worth hundreds of millions of dollars, with earnings supporting education and other state services. Changes to investment rules directly affect how much revenue the fund can generate, potentially impacting state budgets and the fund's long-term sustainability as coal industry revenue declines nationally.

Potential points of contention

  • Economic transition concerns: Loosening coal-related investment restrictions could signal continued reliance on coal revenues during a period of national energy transition, raising questions about fund sustainability
  • Fiduciary duty debate: Disagreement over whether broadened investment flexibility serves the fund's long-term growth or exposes it to unnecessary risk
  • Procedural failure: The bill's death appears procedural (missed referendum deadline, tabled in committee) rather than substantive, suggesting possible drafting or timing issues that sponsors would need to address for reintroduction

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

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