In any year in which at least 1,000 tons of iron ore concentrate is not produced from any 40-acre tract or governmental lot containing taconite or iron sulphides, a tax may be assessed upon the taconite or iron sulphides therein at the local tax rate prevailing in the taxing district and spread against the net tax capacity of the taconite or iron sulphides, such net tax capacity to be determined in accordance with existing laws. The amount of the tax spread under authority of this section by reason of the taconite and iron sulphides in any tract of land shall not exceed $15 per acre.
Minn. Stat. § 298.26
TAX ON UNMINED TACONITE AND IRON SULPHIDES.
Known as the Douglas J. Johnson Economic Protection Trust Fund Act
The act spans §§ 298–298 (52 sections).
Applied in 2 court decisions — leading case In Re LTV Steel Co., Inc. (2001)
Most recently applied in In Re LTV Steel Co., Inc. (July 2001)
1941 c 375 s 4; 1947 c 93 s 4; 1977 c 423 art 10 s 14; 1988 c 719 art 5 s 84; 1989 c 329 art 13 s 20; 1Sp1989 c 1 art 2 s 11; 1994 c 587 art 5 s 16
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.