Bill Would Roll Back Tax Break For Hard Rock Mines

Law360, New York (August 5, 2009, 3:14 PM EDT) -- Sens. Russ Feingold, D-Wis.; Maria Cantwell, D-Wash.; and Dianne Feinstein, D-Calif., have revived a bid to eliminate a tax break for hard rock minerals mined on federal land, claiming that closing the tax loophole — which they say lets companies double-dip in government subsidies — could free up $250 million for mine renewal plans.

The senators reintroduced the Elimination of Double Subsidies for Hardrock Mining Industry Act on Thursday, aiming to bar companies mining on public lands from claiming a percentage depleting allowance, which allows mining...
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