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HF 2496

as introduced - 90th Legislature (2017 - 2018) Posted on 03/23/2017 01:35pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 03/23/2017

Current Version - as introduced

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A bill for an act
 relating to taxation; minerals taxes; modifying the net proceeds tax on nonferrous
mining; amending Minnesota Statutes 2016, section 298.015.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 298.015, is amended to read:


298.015 deleted text begin NETdeleted text end new text begin GROSSnew text end PROCEEDS TAX ON MINING.

Subdivision 1.

Tax imposed.

A person engaged in the business of mining shall pay to
the state of Minnesota for distribution as provided in section 298.018 a deleted text begin netdeleted text end new text begin grossnew text end proceeds
tax equal to deleted text begin twodeleted text end new text begin 2.75new text end percent of the deleted text begin netdeleted text end new text begin grossnew text end proceeds from mining in Minnesota. The tax
applies to all ores, metals, and minerals mined, extracted, produced, or refined within the
state of Minnesota except fornew text begin iron ore, taconite concentrates,new text end sand, silica sand, gravel,
building stone, crushed rock, limestone, granite, dimension granite, dimension stone,
horticultural peat, clay,new text begin andnew text end soildeleted text begin , iron ore, and taconite concentratesdeleted text end . The tax is in addition
to all other taxes provided for by law.

Subd. 2.

deleted text begin Netdeleted text end new text begin Grossnew text end proceeds.

For purposes of this section, the term "deleted text begin netdeleted text end new text begin grossnew text end proceeds"
means the gross proceeds from mining, as defined in section 298.016deleted text begin , less the deductions
for purposes of determining taxable income under section 298.01, subdivision 3b, applied
to the mining, production, processing, beneficiation, smelting, or refining of metal or mineral
productsdeleted text end . No deleted text begin otherdeleted text end credits or deductions shall apply to this tax.

new text begin Subd. 3. new text end

new text begin Deposit; distribution. new text end

new text begin Notwithstanding section 298.16, the taxes collected
under this section shall be deposited in a dedicated account in the special revenue fund.
Distributions of these taxes provided in section 298.018 shall be made from that dedicated
account.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2016.
 new text end