Wis. Mine Bill Would Slash Money For Environment
Tiffany's bill would impose a tax on mining companies' revenue, giving 60 percent of the money to local governments and 40 percent to the state after the locals are compensated for mining impacts.
Democrats contend the tax might not generate anything if Gogebic Taconite has a down year. The tax doesn't kick in until a company makes at least $536,600, and companies are allowed to deduct operational costs. Democrats say the tonnage tax is guaranteed money if the company extracts anything.
The fiscal bureau prepared the estimates for the Legislature's budget committee, which is scheduled to vote Monday on the bill. Approval would clear the way for a full vote in the Senate and Assembly.
Passage is all but certain. Republicans control both legislative houses and Republican Gov. Scott Walker has touted the mining bill as the GOP's signature job creation plan.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts