N.D. Senate considers lower potash tax
A proposal in the North Dakota Senate would charge a 1.5 percent tax on all extracted potash. The first $1 million in taxes from each mine would go to the county where it is located. After that, the state would get 90 percent of the tax money.By: Associated Press,
BISMARCK — Potash might soon be mined in North Dakota, and state lawmakers are considering how to tax it.
A proposal in the North Dakota Senate would charge a 1.5 percent tax on all extracted potash. The first $1 million in taxes from each mine would go to the county where it is located. After that, the state would get 90 percent of the tax money.
The House approved a different version of the bill in February. It set the tax rate at 4 percent and gave more money to the counties.
Potash is a fertilizer in high demand in China. A London-based company is exploring deposits in Burke County. A spokesman says the company could begin mining in two years and be fully operating in five years.
The measure is HB1046.
Tags: nd legislature, updates, potash, legislature, news
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