Nevada increases taxes on gold and silver miners
After “tumultuous negotiations” involving lawmakers, mining lobbyists and the state’s largest teachers’ union, the Nevada Senate and Assembly on Monday approved a proposal to impose an additional mining tax that paid off. over $ 20 million a year, the Associated Press reported.
The bill will go to Governor Steve Sisolak for approval.
Nevada Mining Association president Tire Gray said the adoption of AB495 was because Nevadans were working together to find solutions to complex problems.
“As a result of months of discussions, we have found common ground that protects the careers of 37,000 Nevadans and creates the Mining Education Fund, which will benefit our students from Kindergarten to Grade 12,” he said. he declares.
“Thank you @nevadamining for coming to the table with this historic funding for our children!” MP Jill Tolles tweeted a short time ago.
It is understood that the bill would preserve Nevada’s net proceeds on the minerals tax structure, which requires miners to be taxed at less than 5% of net proceeds.
This would add an excise tax of 0.75% on gold and silver miners who reported gross income of $ 20-150 million, and 1.1% on mines which reported more, AP reported.
The Clark County Education Association said a bipartisan relationship made the bill possible.
“We look forward to the sequel,” tweeted the association.
He said the state’s education had been “historically underfunded” for years.
The state’s biggest taxpayer is its casino and hospitality industry.
However, Nevada produced more gold than all but four of the countries, AP noted.
It is home to the Barrick Gold-Newmont joint venture, Nevada Gold Mines, which said it made an economic contribution of $ 2.35 billion to Nevada in 2020, including $ 292 million in state taxes.