Cash Committees overview mining tax invoice that can pump $300-plus million into Ok-12 training over subsequent two years

Assembly members during the within-legislature session on Tuesday, March 9, 2021 in Carson City. Photo: David Calvert / The Nevada Independent

Monday, May 31, 2021

The Legislative Money Committees on Sunday examined a bill that will pump more than $ 300 million into K-12 formation over the coming biennium.

Bill 495 is a consensus bill that has been approved not only by lawmakers and the governor, but also by mining and education stakeholders.

It does this by diverting the expected $ 140 million from the existing net proceeds from the mines’ tax revenues into the K-12 budget.

Additionally, the bill includes an excise tax on gross proceeds from gold and silver mines in Nevada. This tax would hit mines with gross revenues of $ 20 million to $ 150 million per year and a levy of 0.75 percent. It would hit mining operations that generate more than $ 150 million a year with a 1.1 percent levy on gross and generate up to $ 170 million more for the biennium, increasing the overall infusion into the K- 12 education amounts to more than $ 300 million.

The hearing of the bill by Assembly Speaker Jason Frierson, D-Las Vegas, was held jointly between the Senate Finance and Assembly Routes committees to expedite processing as Monday is the last day of the 120-day 2021 legislature .

Additionally, the bill would redirect approximately $ 200 million in American Rescue Plan Act funds to K-12 education.

Frierson said the bill was the culmination of months of work between all parties to reach an agreement on a plan that will get the miners to pay more and use the money to educate students in Nevada.

The two committees took no action against AB495 on Sunday evening.