Taxpayers for Common Sense applauds Senators Feingold (D-WI), Cantwell (D-WA), and Feinstein (D- CA) for introducing the Elimination of Double Subsidies for the Hardrock Mining Industry Act of 2009. For decades hardrock mining companies have enjoyed generous tax breaks, all the while paying no royalties for minerals extracted from federal lands and purchasing federal land for no more than $5 an acre. This bill takes an important step in ending this massive giveaway by repealing the percentage depletion allowance for hardrock mining companies. The repeal of PDA will generate at least $250 million in savings over five years and help address the enormous costs taxpayers must pay for abandoned mine clean-up. TCS would like to thank Senator Sanders (I-VT) for being an original cosponsor on this bill.
Learn More:
TCS’s letter of support
Senator Feingold’s Joint Press Release
TCS Fact Sheet on 1872 Mining Reform
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