Legislation to Assist U.P. Mining Companies Approved by Michigan Legislature

Filed under: U.P. News Updates |

U.P._News_UpdateMARQUETTE, MI – (Great Lakes Radio News)The Michigan Legislature has approved a package of bills designed to assist U.P. mining companies with potential job creation and become financially stronger 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 non-ferrous metallic minerals such as copper and nickel.  The tax replaces a series of corporate taxes that mining companies currently pay.

The bills allow 65 percent of the revenue from the severance tax to 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 bills were approved by the Senate yesterday and by the House early this morning, and are off to the governor for his consideration.

Great Lakes Radio – Delivering reliable and accurate local news to you on air, online and on demand

Share Sunny 101.9 WKQS Content with World!
  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • Add to favorites
  • BarraPunto
  • Bitacoras.com
  • Fark
  • LinkedIn
  • Live
  • Mixx
  • MySpace
  • PDF
  • Reddit
  • RSS
  • Slashdot
  • Tumblr

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>