October 25, 2014
CARSON CITY, Nev. (AP) - The Nevada Mining Association has filed a lawsuit to block a proposed constitutional amendment to raise the tax cap on net proceeds of minerals.
The suit filed in state court in Carson City argues the initiative is misleading and fails to adequately describe the consequences to Nevada's overall tax structure should it win ultimate approval by voters.
Conservative businessman Monte Miller filed the initiative and would need to gather more than 72,000 signatures to qualify for ballot. Voters would have to approve it in November and again in 2014 to take effect.
It would increase the tax cap mining companies pay on minerals to 9 percent from 5 percent of net proceeds. The tax is calculated after costs for extraction and other business expenses are deducted.
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