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October 20, 2017

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Bill would change mining taxes but not increase revenue

CARSON CITY — A bill that changes the way mining is taxed but does not generate more revenue appears on its way to passage.

There was a push in the Legislature to boost the taxes mining pays, but it has lost momentum.

This bill would establish a new way of taxing mining companies, if a proposed constitutional amendment is approved by the voters in November 2014.

Mines are now taxed on the net proceeds of minerals. That would be eliminated under the proposed legislation.

Kevin Powers, an attorney for the Legislature told the Assembly and Senate budget committees, said the bill “does not generate additional revenues” with an excise tax. “It maintains the current taxes.”

Powers said local governments would not suffered a loss of revenue under the new taxing proposal.

There was no opposition voiced during a 45-minute hearing before the Senate Finance Committee and the Assembly Ways and Means Committee.

Senate Finance Committee Chairman Debbie Smith, D-Sparks, said a committee vote probably would be taken today. “We have to get this bill moving,” she said.

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