On pending mining legislation:
Amending the state constitution [SJR 15] will be a long haul with no guarantee of success. A couple of bills are on board this session though, that could curb some of the deductions that allow mining to take billions in profits out of the ground and pay little or no tax to the state.
Assemblywoman Peggy Pierce, D-Las Vegas, has introduced a bill [A.B. 428] that would reduce the industry’s allowable deductions by 60 percent. That measure, which has gained some traction with legislative leadership, would net the state tax revenue much more quickly than the constitutional amendment.
A second measure [S.B. 493] introduced by the Revenue Committee today would create a new Mining Oversight and Accountability Commission. The new commission would be responsible for writing the tax regulations, taking that duty away from the Nevada Tax Commission.
Senate Majority Leader Steven Horsford, D-North Las Vegas, has criticized the tax commission for passing regulations that he believes expands the mining industry’s deductions beyond what is allowed in statute.
The new commission would also oversee environmental and safety regulations.
All of these bills are coming up for hearings on April 5th.
S.B. 493 will be heard on April 5th at 1:00 p.m. in Room 2134. (pdf) Also being heard at the same time is SJR 15 which
Proposes to amend the Nevada Constitution to remove the separate tax rate and manner of assessing and distributing the tax on mines and the proceeds of mines.
A.B. 423 will be heard on April 5th at 8:00 a.m. in the Assembly Taxation committee in Room 4100. It will be videoconferenced to Room 4406 of the Grant Sawyer State Office Building, 555 East Washington Avenue, Las Vegas, Nevada
In other news . . .
We have created this blogspot to share the story of Silver City and the challenges mineral exploration and mining are presenting to our community. Follow the links below for basic information about Silver City, its people, and our current situation.
