MI HB6008

Levies a 2.75% severance tax on taxable nonferrous metallic minerals extracted or beneficiated in Michigan, computed on the total value received from sale or transfer with no deductions.

Mineral-producing properties become exempt from general property tax, income tax, sales tax, and use tax upon department classification, with severance tax payable annually by February 15 to local tax collecting units.

Distributes collected severance tax as 65% to school districts, state, and local governmental units in proportion to general ad valorem property tax distribution, and 35% to the state rural development fund.

Provides a 20% property tax credit for open mines opened between January 1, 2011 and June 30, 2013 during their first 5 years of operation, with minimum payment guarantees of $3,500,000 for years 1-5 and $1,600,000 for years 6-7.

Takes effect December 20, 2012, contingent upon House Bill 6007 being enacted into law.