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S.534 - Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2005

A bill to amend the Internal Revenue Code of 1986 to repeal the percentage depletion allowance for certain hardrock mines, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2005 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to repeal the percentage depletion allowance for certain hardrock mines, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/07/05
 
 
 
 
 
 
 

Official Summary

Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2005 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws. Establishes in

Official Summary

Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2005 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws. Establishes in the Treasury the Abandoned Mine Reclamation Trust Fund. Appropriates to such Fund amounts equal to 25 percent of the additional revenues received due to the disallowance of the depletion allowance for hardrock mines proposed by this Act. Prescribes guidelines under which such Fund shall be available to the Secretary of the Interior for reclamation and restoration of lands and water resources adversely affected by mineral and mineral material mining (excluding coal and fluid minerals).

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