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Several changes to how taxes and royalties tied to Great Salt Lake industries are collected and spent are addressed in this bill. It would raise the brine shrimp royalty tax — a fee paid by commercial harvesters of brine shrimp eggs from the lake — from 3.25 cents to 3.75 cents per pound starting in tax year 2026, and gradually shift where that revenue goes: for fiscal years 2027 and 2028 the money would be split between the Species Protection Account and the Sovereign Lands Management Account based on whether other revenue flowing into the Species Protection Account reaches $800,000 in a given year, and starting July 1, 2028, all remaining brine shrimp royalty revenue would go to the Sovereign Lands Management Account. The bill also adjusts the severance tax structure for companies mining or extracting minerals from Great Salt Lake brine, extending reduced tax rates to operators who enter voluntary water rights agreements directly with the state (in addition to those with existing water rights agreements), and it gives such operators more time — until May 15, 2026 — to certify their eligibility for tax years 2025 and 2026. Money the state receives from court judgments, settlements, or compromises involving ownership of sovereign lands near the Great Salt Lake would also be deposited into the Sovereign Lands Management Account, and the bill specifies that funds in that account must be spent directly benefiting the lake, such as through Great Salt Lake Advisory Council–directed projects, leasing water rights to add water to the lake, or supporting its brine shrimp population.