HB 633 Summary

• Establishes the Idaho Silver Gem Act of 2010 authorizing the State Treasurer to issue silver medallions (1/2 ounce or 1 ounce) and bars (10 or 50 ounces) containing at least 99.9% pure silver for sale to the public and acceptance as payment for state taxes and fees.

• Allows counties to accept Idaho Gems or one troy ounce American Eagle coins at daily market prices for payment of county taxes and fees.

• Provides property tax exemption for ten years (2011-2030) on improvements and personal property used in new silver production facilities requiring at least $10 million capital investment.

• Adds corporate income tax deduction for individuals and corporations operating qualifying silver production facilities, limited to ten years beginning with certificate of occupancy or commencement of production.

• Establishes Mining Infrastructure Development Fund receiving 25% of state surplus funds from processing PTM cells, with moneys directed to the Idaho Department of Commerce for grants supporting mining-related public works and transportation infrastructure.