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The package of bills is intended to allow U.P. mining companies to create jobs and become stronger financially while encouraging economic development in the region.
The bills, introduced by 110th District State Representative Matt Huuki, place a 2.75 percent severance tax on gross mineral value on specified minerals such as copper and nickel. The legislation replaces a series of taxes that mining companies currently pay.
Sixty-five percent of the revenue from the severance tax will be retained by counties, townships, school districts and the school aid fund. The remaining 35 percent would go into a rural development fund to support long-term regional economic opportunities.
The legislation now goes to the Senate for consideration.
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