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Legislation Introduced Would Eliminate Percentage Depletion Allowance for Certain Hardrock Mines

Posted By Chris Greissing, Monday, March 11, 2019

Late last week Sen. Jeanne Shaheen (D-NH) and Sen. Tom Udall (D-NM) introduced S. 714, the “Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2019.”  It would apply to taxable years beginning after December 31, 2019.  The bill has been referred to the Senate Finance Committee for consideration.  A copy of the legislation and of Sen. Shaheen’s press release is attached for further information.

The goal of this bill is to eliminate the percentage depletion allowance for mine's that operate under the General Mining Law of 1872.  IMA-NA fought successfully to preserve the percentage depletion allowance in 2017’s tax reform legislation. We have seen though with this bill's introduction and other discussions, that the percentage depletion allowance is at risk.  It will be an IMA-NA 2019 legislative priority to preserve it.  IMA-NA is working with the coalition of allied interests we worked with in 2017 to preserve the percentage depletion allowance, at this point meeting with key Senators, Representatives and their staffs.  We have pressed them on the importance of the General Mining Law to our members that operate under that law’s purview, as well as the importance of the percentage depletion allowance and the need to retain it in order for our companies to remain competitive in the global marketplace.

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