Gold miners agree to pay up to $100mn in taxes to Nevada

Nevada legislators say the state’s mining industry has agreed to pay up to $100 million in taxes and fees to the state.

RENO, NV - 

Nevada gold miners have  reportedly agreed to make a deal with the Nevada Legislature to pay from $75 million to $100 million to the state.

Assembly Majority Leader John Oceguera, D-Las Vegas, told the news media that the deal would involve mainly fees with a little from pre-payment of net proceeds of mines taxes.

State Budget Director Andrew Clinger told the Las Vegas Review Journal that if miners agree to poay $60 million in additional taxes, Gov. Jim Gibbons would withdraw his proposal to change and cap state mining tax deductions.

Sen. Dean Rhoads, R-Tuscarora, told the Review Journal mining company executives are willing to give the state $30 million to $40 million to help with the $900 million state budget deficit. He said mining is also willing to pay $60 million more to the state when they make their net proceeds of mines payments on March 1.

However, Nevada miners are still facing an initiative process that seeks to remove mining taxation limits from the state’s constitution.

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responses to this article

Racket This is also known as extortion. It's legal when the government does it to the public. Remind to not do business in Nevada. The Prospector Alaska by Prospector on February 25 2010, 00:03 Find this comment inappropriate? Report it

Shake down The local school districts here in NV are so poorly manageed that they are running TV ads, saying that the state's educational problems are due to the mining industry not paying enough taxes. Such a fraud!! This is nothing more than a shake . .more down and mining is an easy target. The clark county sd alone has several hundred administrators making 6 figure salaries, but only 1.5 million people live there. . .less by NV Res on February 25 2010, 10:30 Find this comment inappropriate? Report it

deficits States are growing increasingly desperate to balance their budgets. Sovereign risk is alive and well in the USSA. by BeeThousand on February 26 2010, 17:26 Find this comment inappropriate? Report it

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