DULUTH, Minn. (AP) — A Minnesota taconite iron ore tax increase will be used to rebuild and retool Iron Range schools.
The 10 cent-a-ton tax increase was included in the state Legislature’s final omnibus tax bill signed into law by Gov. Mark Dayton Thursday. The per-ton tax increases to $2.56.
The funding for school construction and improvement projects will be available through bonds issued by the Iron Range Resources and Rehabilitation Board.
Iron Mining Association of Minnesota President Craig Pagel says no business likes to have its taxes raised, but the dime increase shouldn’t cause any major hardships.
The Duluth News Tribune says mining companies can apply for a tax rebate of up to 32 cents a ton to pay for capital improvements, such as new technology or pollution control equipment.
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