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IRRRB Slashes Tax Break For Mining Companies

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(credit: AIZAR RALDES/AFP/Getty Images)

(credit: AIZAR RALDES/AFP/Getty Images)

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EVELETH, Minn. (AP) – Minnesota’s taconite plants will get a smaller tax rebate than they were expecting.

The Iron Range Resources and Rehabilitation Board voted Thursday to chop a taconite production tax reimbursement nearly in half. The five plants will get nearly $5 million instead of nearly $10 million they expected this year.
The money saved will go instead to public works projects on the Iron Range.

Rep. Tom Anzelc, D-Balsam Township, originally proposed completely eliminating tax break, which dates from the early 1990s and is meant to stimulate reinvestment in mining facilities. He calls it corporate welfare at a time when the mining companies are doing well.

The board voted instead to halve the rebate.

The Iron Mining Association of Minnesota says financing will now have to be re-examined for plant improvement projects.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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