Signed by Governor Steve Sisolak

Vote Smart's Synopsis:

Vote to pass a bill that requires mining operations to pre-pay half of their taxes until 2023.

Highlights:

• Requires each person extracting minerals in the state to pay a portion of the tax upon the net proceeds and upon the royalties so estimated in an amount equal to the estimated net proceeds and royalties multiplied by a rate minus the combined rate of tax ad valorem for the county in which the operation is located, including nay rate levied by the state, on or before March 1 of each year (Sec. 2).

• Authorizes each person extracting minerals in the state to file a quarterly report with the Department of Taxation stating an estimate for the year and the actual quarterly amount of production, gross yield and net proceeds as of March 31, June 30, September 30, and December 31, and to pay any additional amount due (Sec. 2).

• Requires the department to prepare a certificate of the net proceeds, the amount of the estimated tax paid in the prior calendar year, and the balance of the tax due, and to send a copy to the owner of the mine (Sec. 3).

• Specifies that the tax is due as indicated in the certificate and any penalty must be paid on or before May 10 of the year in which the certificate is received (Sec. 3).

• Requires the state controller to transfer the amount withheld by the department to the state general fund from the proceeds of the basic governmental services tax collected by the department and its agents during the preceding month (Sec. 6).

Full Bill Text