House OKs Bill to Make Raw Materials Costlier

By November 1, 2007Taxation

By a vote of 244-166, the House today passed H.R. 2262, the Hardrock Mining and Reclamation Act.

From the NAM news release:

The bill, which was designated a “Key Manufacturing Vote” for the Association, would impose new taxes on the mining industry, require mining companies to pay royalties to the federal government, establish prohibitions on future mining on public lands and set highly-prescriptive environmental standards.

“A majority of the House of Representatives voted today for a new tax that will stifle economic growth, hinder our global competitiveness and endanger thousands of good paying American jobs,” said NAM Vice President for Energy and Resources Policy Keith McCoy.

National Mining Association President and CEO Kraig R. Naasz issued a statement:

“The bill approved today by the House falls far short of the reforms we have worked hard to achieve to provide a fair return to the taxpayer for the use of federal lands and greater regulatory certainty. The enormous costs that would be imposed on the hardrock mining industry by the bill and the failure to provide mining companies with greater security when operating on federal lands will only increase the nation’s growing reliance on imported minerals vital to our economy and our national defense.

Naasz’s statement details the problematic provisions.

Wonder how many of the yes voters simultaneously have statements on their websites complaining about the U.S. trade deficit. A vote for H.R. 2622 signifies that the balance of trade really isn’t a serious concern for them.

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