Senate Panel Okays Lifting Mining Tax Protections

By: Associated Press Email
By: Associated Press Email

CARSON CITY, Nev. (AP) - A senate committee unanimously approved a proposed constitutional amendment to repeal tax protections for the mining industry.

The vote Tuesday by the Senate Committee on Revenue came after testy debate between legislators and mining industry representatives over the consequences of Senate Joint Resolution 15.

Nevada Mining Association officials argued that repealing the industry-specific provisions would reduce the taxes paid by mining and harm local and state government coffers.

Legislators say repeal would give them flexibility to set tax policy.

SJR15 now goes to the full Senate. If ultimately approved by the Legislature, it will go to voters for ratification in 2014.

The constitution imposes a 5 percent cap on net proceeds paid by mines. Net proceeds are calculated after the cost of mineral extraction and other expenses are deducted.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 200136021 -
Gray Television, Inc.