S 714
Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2019
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill aims to eliminate a tax break currently available to hardrock mining companies. Specifically, it restricts the percentage depletion allowance, a deduction that allows miners to reduce their taxable income, to mines not located on land governed by the general mining laws. The bill clarifies the definition of ‘general mining laws’ to ensure consistent application and applies retroactively to tax years beginning after December 31, 2019. This change is intended to reduce potential double subsidies within the mining industry.
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Primary sponsor
Cosponsor
Tom Udall
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