Mining Tax Guide - Minnesota State Legislature

More documents

Recommendations

Info

Iron Range Resources and Rehabilitation Board (cont.) Taconite Mining IRRRB supports a healthy Minnesota mining industry. Since the Taconite Economic Development Fund (TEDF) was approved by the Minnesota Legislature in 1993, more than $156.1 million in taconite production tax payments has been rebated to taconite producers for reinvestment in facilities. In addition to the TEDF, the IRRRB has provided an additional $46.3 million since 1993 through its Taconite Assistance Program, Producer Grant Program (PGM) and other assistance. Included is a $10 million appropriation from the Douglas J. Johnson Economic Protection Trust Fund, which in 1996 provided grants to taconite producers for environmentally unique reclamation projects and facility improvements. From 1993-2011, IRRRB has reinvested a total of more than $202.5 million in the Minnesota taconite industry through its programs. Facilities and Programs IRRRB owns Giants Ridge, a nationally-recognized golf and ski resort at Biwabik which attracts approximately 130,000 visitors annually. Giants Ridge operates two 18-hole championship golf courses and a winter sports facility. The Legend and The Quarry golf courses have earned numerous national accolades. Giants Ridge ski facility offers 35 alpine ski runs, more than 60 km of cross country ski trails, a tubing hill and easy access to lakes, mountain bike trails, the Mesabi Trail, a multi-use paved recreational trail, and thousands of miles of snowmobile trails. 26 Minnesota Discovery Center, a historical museum and park in Chisholm that collects, preserves, interprets and promotes the history and cultural heritage of northeastern Minnesota, is owned by the IRRRB and managed by Ironworld Development Corporation, a non-profit. IRRRB also operates a Mineland Reclamation program, headquartered near the Minnesota Discovery Center campus in Chisholm. The Mineland Reclamation program partners with communities and mining companies in undertaking safety, environmental and economic development projects on abandoned minelands. A residential building demolition program assists communities and property owners in razing dilapidated structures to create space for new home and business development. The Laurentian Vision Partnership, an IRRRB initiative, collaborates with business, governments and community interests to demonstrate how the mining process can create land forms to accommodate residents, the environment and the regional economy. With culture and tourism an integral part of northeastern Minnesota life and the economy, IRRRB supports culture and tourism activities within the TAA by working with community and regional tourism partners. The agency provides financial, facilitator and technical assistance to tourism and cultural and heritage organizations to help enhance the region’s quality of life. IRRRB support stimulates culture and tourism across northeastern Minnesota, enriching communities through artistic, heritage-related or recreational activities and projects.
Figure 20 FY 12 Iron Range Resources Budget (As approved by the Iron Range Resources Board on August 18, 2011) Source of funds: All accounts 1 Board 2 Unobligated Operating Reserve In $14,378,387 $3,112,884 $9,076,787 $2,188,716 Taconite Production Taxes $13,233,678 $4,064,068 $9,169,610 Investment Earnings 494,116 50,132 182,473 261,511 Loan Revenues 2,393,377 317,223 2,076,153 Facilities Revenue 5,061,975 4,901,283 160,692 Occupation Tax Region III 456,565 $456,565 Total - Current Year Revenues $21,639,711 $9,332,706 $9,352,083 $2,498,356 $456,565 Total Resources Available $36,018,098 $12,445,590 $18,428,870 $4,687,072 $456,565 Operations $5,552,622 $2,213,013 $2,396,339 $943,270 Facilities Giants Ridge Golf & Ski Resort 7,100,688 7,100,688 Minnesota Discovery Center 43,200 43,200 Programs Program Grants 3,608,000 675,000 2,933,000 Occupation Tax Region III 456,565 456,565 Projects Development Projects 6,500,000 4,500,000 2,000,000 Public Works 4,000,000 4,000,000 Total Budgeted Uses of Funds $27,261,075 $9,988,701 $13,872,539 $2,943,270 $456,565 Unobligated Operating Reserve Out $8,757,023 $2,456,889 $4,556,331 $1,743,802 27 TEPF 3 DJJ 4 Supp tax 5 Budgeted uses of funds: All accounts Board TEPF DJJ Supp tax 1) FY 2012 is for the period July 1, 2011 through June 30, 2012. 2) Board is an amount appropriated to the IRRRB from production tax, page 10, subdivisions 7 and 11(c). 3) TEPF is the Taconite Area Environmental Protection Fund, page 13. 4) DJJ is the Douglas J. Johnson Economic Protection Trust Fund, page 13. 5) Supplemental Tax is an amount appropriated from Occupation Tax for Koochiching and Carlton Counties, page 30.
Page 1 and 2: This document is made available ele
Page 3 and 4: 2011 PRODUCTION TAX DISTRIBUTION ..
Page 5 and 6: The Minnesota Mining Tax Guide is p
Page 7 and 8: Figure 3 History of Minnesota Tacon
Page 9 and 10: Definition The taconite production
Page 11 and 12: Distribution of Funds (M.S. 298.28)
Page 13 and 14: The index is calculated as follows:
Page 15 and 16: (c) Occupation Tax Grandfather Amou
Page 17 and 18: Douglas J. Johnson Economic Protect
Page 19 and 20: Figure 8 Taconite Residential Homes
Page 21 and 22: Name Figure 10 Taconite Production
Page 23 and 24: 166 Cook County 5 1996 2016 $503,46
Page 25 and 26: Million Tons 40 35 30 25 20 15 10 5
Page 27 and 28: Year Production tons (000’s) Prod
Page 29: Iron Range Resources & Rehabilitati
Page 33 and 34: Figure 22 Taconite Industry Investm
Page 35 and 36: Final Directive - 2010 Occupation T
Page 37 and 38: Year Figure 23 Occupation Tax Mine
Page 39 and 40: Figure 26 Crude Ore Mined Company 2
Page 41 and 42: Figure 28 Taconite Industry Occupat
Page 43 and 44: Income Tax Withholding on Mining an
Page 45 and 46: Figure 31 Average Royalty Cost Per
Page 47 and 48: Mandatory Electronic Payments If yo
Page 49 and 50: Aggregate material is nonmetallic n
Page 51 and 52: Ad Valorem Tax on Auxiliary Mining
Page 53 and 54: 1996 4,448,800 1997 10,900 34,900 2
Page 55 and 56: Ad Valorem Tax on Severed Mineral I
Page 57 and 58: Taxes on Other Mining and Explorati
Page 59 and 60: Occupation Tax-Corporate Income Tax
Page 61 and 62: M.S. 298.225 — A Minnesota statut
Page 63 and 64: Index Map - Minnesota Mesabi Map Se

Mining Tax Guide - Minnesota State Legislature

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?