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Thu December 20, 2012
Governor signs mine production tax
Governor Rick Snyder has approved an overhaul of how mining is taxed in Michigan.
Right now, mines pay a mix of property taxes, income taxes and sales taxes.
Soon, mines will instead be taxed on the amount of nickel, copper, and other ores are pulled from the ground.
Snyder said he expects the simpler tax structure will lure more mining operations to northern Michigan.
“And when you have more mining, you have more jobs, and this is an area that really has a positive impact for the Upper Peninsula. The U.P. had a very depressed economy. I’m proud to say the U.P. is actually helping lead our economic recovery right now,” the governor said.
The Upper Peninsula has a 6.8 percent unemployment rate. That’s about 10,000 people looking for work in the U.P.
Most of the tax will go to local governments. Some of the revenue will help finance a fund to create new job opportunities when a mine goes out of business.
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