Repeal of Mining Tax Cap Clears Assembly Panel - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Repeal of Mining Tax Cap Clears Assembly Panel

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A Nevada Assembly panel has approved a measure to repeal the constitutional tax cap on net proceeds paid by mining companies.
The 7-5 vote Thursday by the Assembly Taxation Committee was along party lines with Republicans opposed. SJR15 now goes to the full Assembly, where passage is likely. The measure, which was also approved by the 2011 Legislature, would then go to voters in 2014 for ratification.

The resolution seeks to repeal a 5 percent cap on mining net proceeds that has been in the state Constitution since the late 1980s.
Backers of the measure say the industry has skated from paying its fair share of taxes in a state that saw its economy take a beating in the recession.
But industry representatives say mining also pays other taxes. (AP)

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