Loading ...The Nevada gold-mining industry is keeping its ear carefully tuned to what residents think of the state’s mining tax.
In November Nevada residents will be asked to vote on whether to remove a mining-tax cap from the Nevada constitution, which stipulates that the mining industry will pay no more than 5 percent tax on the net proceeds of minerals. If voters reject the 5 percent provision, the state legislature could impose whatever tax rate it pleases.
Proponents of the ballot measure say the industry has a sweetheart deal that keeps the industry from paying its fair share. Opponents say removing the cap will open the door to increased taxes, which could discourage investment and kill jobs. The latter group feels that now is an especially bad time to be imposing more costs on the industry, when the gold price is in a slump.
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