LD936

Amends Maine's mining excise tax, exempts unextracted minerals from property tax, simplifies tax calculation, and changes revenue distribution.

This bill amends Maine's mining excise tax by exempting unextracted minerals from property tax and simplifying the tax calculation for mining companies. It establishes a new formula for the excise tax, based on a mining company's gross proceeds multiplied by 0.05. The bill also repeals certain definitions and provisions related to mining excise tax, clarifies the definition of "tax year," and incorporates various administrative provisions. It eliminates credits for payment proceeds of any mining company or mine site.