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Senate advances mining equipment credit after heated floor debate over fiscal cost and fairness
Summary
Lawmakers moved a mining-equipment tax-credit measure through second reading after extended debate over its fiscal cost, scope, and whether credits should be refundable; sponsors say it protects jobs in mining communities, critics warn of ongoing revenue loss to the uniform school fund.
Senators debated a third-substitute measure to create a tax credit (phased in) for mining equipment. Sponsor explained the amendment removes oil and gas from the definition of mining and phases the credit in over three years; the committee sought to source the credit from the Uniform School Fund rather than the general fund. The original fiscal…
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