Lawmaker Debate Mining Tax Cap
CARSON CITY, Nev. (AP) — Consequences of removing constitutional tax measures for the mining industry was the focus of lengthy debate before an Assembly panel, with the mining industry saying it would reduce their tax burden and legislative lawyers saying otherwise.
SJR15 is at the crux of the whole tax debate at the Nevada Legislature.
The state constitutional currently caps net proceeds of minerals at 5 percent. SJR15 would repeal that provision.
Legislative lawyers told the Assembly Taxation Committee on Thursday that if SJR15 is ultimately passed and approved by voters, the industry’s tax obligations would still remain under statute until changed by the Legislature.
But mining industry representatives say their net proceeds tax burden would revert to a lower tax rate paid by other property owners, costing the state and rural counties money.
Copyright 2013 The Associated Press.