HB468 Summary

• Levies an additional excise and privilege tax on coal and lignite severance at $0.025 per ton for underground mining and $0.05 per ton for surface mining.

• Caps the maximum taxable tonnage at 2 million tons per year per person and their affiliates combined.

• Directs all tax revenue to a special fund in the State Treasury for exclusive use by the Surface Mining Commission, with funds continuously appropriated and not reverting to the general treasury.

• Establishes civil penalties up to $1,000 for non-compliance, with taxes collected by the State Department of Revenue.

• Automatically repeals two years from its effective date, which is the first day of the third month following passage and gubernatorial approval.