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.

HighGold Mining newest assay outcomes present VMS-Fashion mineralization at Northeast offset at Johnson

Darwin Green, CEO of Mining (CVE: HIGH-OTCQX: HGGOF), joined Steve Darling from Proactive to share details. The company has released test results from the 2020 exploration drill program on its flagship Johnson Tract project.

Green reports two holes on the Northeast Offset Target from the southernmost of three drill cross sections completed during the 2020 field season. According to Green, this gives the company an understanding of the Johnson Tract geology and marks a significant turning point for the project.

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