MN HF3245

Reduces occupation tax rate on nonferrous mining from 2.45 percent to 1.45 percent of taxable income, effective for taxable years beginning after December 31, 2013.

Increases net proceeds tax on nonferrous mining from 2 percent to 3 percent of net proceeds, effective for taxable years beginning after December 31, 2013.

Modifies distribution of taconite production tax revenues to school districts, counties, and other entities, effective July 1, 2014 or for 2015 distributions, including changes to per-ton allocations and special provisions for inactive mining operations.

Adjusts allocations within the taconite assistance area, including reductions to the Douglas J. Johnson economic protection trust fund (from 5 percent to 3 percent) and increases to the taconite environmental protection fund (from 5 percent to 7 percent).

Adds provisions for apportioning tax proceeds among multiple taxing districts and school districts when mining, concentration, or different process steps occur across more than one jurisdiction.