The amount of the annual excise tax on a mining company shall be the sum of the excise taxes due on each mine site. The excise
tax due on each mine site shall be the greater of the following: [1981, c. 711, §10 (NEW).]
1.Tax on facilities and equipment.
The value of facilities and equipment multiplied by 0.005; or
[
1981, c. 711, §10 (NEW)
.]
2.Tax on gross proceeds.
The gross proceeds multiplied by:
A. If net proceeds is greater than zero, the greater of the following:
(1) 0.009; or
(2) A number determined by subtracting from 0.045 the quotient obtained by dividing:
(a) Gross proceeds, by
(b) Net proceeds multiplied by 100. [1981, c. 711, §10 (NEW).]
B. If net proceeds is equal to or less than zero, then 0.009. [1981, c. 711, §10 (NEW).]
[
1981, c. 711, §10 (NEW)
.]
SECTION HISTORY
1981, c. 711, §10 (NEW).
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