It does that by diverting the $140 million expected from the existing net proceeds of mines tax revenue to the K-12 budget.
In addition, the bill contains an excise tax on the gross proceeds of gold and silver mines in Nevada. That tax would hit mines with a gross of $20-$150 million a year with a levy of 0.75 percent. It would hit mining operations that gross more than $150 million a year with a 1.1 percent levy on gross, generating
The hearing of the bill by Assembly speaker Jason Frierson, D-Las Vegas, was held jointly between the Senate Finance and Assembly Ways and Means committees to speed processing because Monday is the last day of the 120 day 2021 Legislature.
In addition, the bill would divert some $200 million in American Rescue Plan Act funding to K-12 education.
Frierson said the bill was the culmination of months of work between all the parties to reach concurrence on a plan that gets mining to pay more and puts the money into education for Nevada students.
The two committees took no action on AB495 Sunday night.