Section 2862 - Distribution of remaining revenuesExcise tax revenues remaining after municipal reimbursement and payments into the Mining Oversight Fund under section 2861 must be used as follows. [2011, c. 653, §5(AMD); 2011, c. 653, §33(AFF).]
1.First year. In the first year following the commencement of mining, revenues shall be distributed as follows: A. 20% to the General Fund; and [1981, c. 711, §10(NEW).]B. 80% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
2.Second year. In the 2nd year following the commencement of mining, revenues shall be distributed as follows: A. 15% to the General Fund; [1981, c. 711, §10(NEW).]B. 10% to the Mining Excise Tax Trust Fund; and [1981, c. 711, §10(NEW).]C. 75% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
3.Third year. In the 3rd year following the commencement of mining, revenues shall be distributed as follows: A. 20% to the General Fund; [1981, c. 711, §10(NEW).]B. 15% to the Mining Excise Tax Trust Fund; and [1981, c. 711, §10(NEW).]C. 65% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
4.Fourth year. In the 4th year following the commencement of mining, revenues shall be distributed as follows: A. 25% to the General Fund; [1981, c. 711, §10(NEW).]B. 25% to the Mining Excise Tax Trust Fund; and [1981, c. 711, §10(NEW).]C. 50% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
5.Fifth year. In the 5th year following the commencement of mining, revenues shall be distributed as follows: A. 25% to the General Fund; [1981, c. 711, §10(NEW).]B. 30% to the Mining Excise Tax Trust Fund; and [1981, c. 711, §10(NEW).]C. 45% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
6.Subsequent years. In the years following the 5th year after the commencement of mining, revenues shall be distributed as follows:A. 30% to the General Fund; [1981, c. 711, §10(NEW).]B. 60% to the Mining Excise Tax Trust Fund; and [1981, c. 711, §10(NEW).]C. 10% to the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).] [1981, c. 711, §10(NEW).]
7.Changes in mining activity. If, prior to the commencement of extraction of minerals for sale, a mining company ceases construction of a mine site, any taxes due during the period of construction cessation shall be distributed according to the most recently applicable provision of this section. [1981, c. 711, §10(NEW).]
8.Adjustments to distribution formula. The distribution provisions of this section shall be altered as follows.A. Amounts paid in accordance with section 2858, subsection 3, in each year shall be deposited in the Mining Impact Assistance Fund. [1981, c. 711, §10(NEW).]B. [1991, c. 883, §6(RP).]C. Funds allocated to the Mining Excise Tax Trust Fund which would raise the fund above its limit shall be redistributed as follows:(1) 33 1/3% to the Mining Impact Assistance Fund; and(2) 66 2/3% to the General Fund. [1981, c. 711, §10(NEW).]D. [1991, c. 883, §6(RP).] [1991, c. 883, §6(AMD).]
Amended by 2012, c. 653,§ 5, eff. 6/1/2014.1981, c. 711, § 10 (NEW) . 1991, c. 883, §§5,6 (AMD) .