The Nevada gold mining industry has been enjoying a renaissance since gold prices started to climb out of a slump in 2002 when prices were about $300 an ounce.
State and local government taxes increased an estimated 3.7 percent in 2007 from the prior year, the Nevada Mining Association reported Tuesday in its annual economic overview of the state’s mining industry.
Mineral industry taxes grew to $199.5 million from $194.2 million in the previous year. That’s almost double the $103 million in state and local mining tax payments in 2004.
Revenue from the net proceeds of mineral taxes jumped to $75 million from $61 million in the prior year. The industry also pays sales and use taxes and property taxes. Under the state’s tax revenue system, the Clark County School District is one of the biggest beneficiaries of mining sales and use taxes — even though the state’s 18 gold and silver mining operations are in Northern Nevada.
Rising Gold Prices Good For Vegas