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MARQUETTE, MI – (Great Lakes Radio News) – Governor Rick Snyder has signed into law legislation, authored by an Upper Peninsula lawmaker, that brings more certainty to the tax structure for mineral extraction.
The legislation, sponsored by 110th District State Representative Matt Huuki, includes a 2.75 percent severance tax on the gross mineral value of specified nonferrous metallic minerals, such as copper and nickel.
The severance tax replaces the existing array of taxes with a simplified structure. The severance tax will be collected by local units of government with 65 percent of the revenue retained by impacted counties, townships, school districts, intermediate school districts and the School Aid Fund.
The remaining 35 percent will go into a rural development fund to support long-term economic development opportunities.
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