WCCO EYE4 LOGO WCCO Radio wcco-eye-green01, ww color green


IRRRB Slashes Tax Break For Mining Companies

View Comments
(credit: AIZAR RALDES/AFP/Getty Images)

(credit: AIZAR RALDES/AFP/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. MSHSL Dealing With Guidelines For Transgender Athletes
  2. WCCO Interview: Kate Wetherhead Of 'The Heidi Chronicles'
  3. What Are Twins Looking For In A New Manager?
  4. St. Paul Woman Plays Harp For Primates
  5. 4 Things To Know For Sept. 30, 2014

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 This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus

Get every new post delivered to your Inbox.

Join 1,874 other followers