Assembly Bill No. 602–Committee on Taxation

(On Behalf of Department of Taxation)

March 17, 1999

____________

Referred to Committee on Taxation

 

SUMMARY—Postpones date and eliminates extensions for reporting net proceeds of minerals. (BDR 32-756)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

~

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to the taxation of the net proceeds of minerals; postponing the date and eliminating extensions for filing the annual statement of yield and proceeds; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. NRS 362.110 is hereby amended to read as follows:

1-2 362.110 1. Every person extracting any mineral in this state or

1-3 receiving any royalty [:

1-4 (a) Shall,] shall, on or before February [1] 15 of each year, [except as

1-5 otherwise provided in paragraph (b),] file with the department a statement

1-6 showing the gross yield and claimed net proceeds from each

1-7 geographically separate operation where a mineral is extracted by that

1-8 person during the calendar year immediately preceding the year in which

1-9 the statement is filed.

1-10 [(b) May have up to 15 additional days to file the statement, if

1-11 beforehand he makes written application to the department and the

1-12 department finds good cause for the extension.]

1-13 2. The statement must:

1-14 (a) Show the claimed deductions from the gross yield in the detail set

1-15 forth in NRS 362.120. The deductions are limited to the costs incurred

1-16 during the period covered by the statement.

1-17 (b) Be in the form prescribed by the department.

2-1 (c) Be verified by the manager, superintendent, secretary or treasurer of

2-2 the corporation, or by the owner of the operation, or, if the owner is a

2-3 natural person, by someone authorized in his behalf.

2-4 3. Each recipient of a royalty as described in subsection 1 shall

2-5 annually file with the department a list showing each of the lessees

2-6 responsible for taxes due in connection with the operation or operations

2-7 included in the statement filed pursuant to subsections 1 and 2.

~