Senate Oks mining tax bill

AP) - The Nevada Senate has approved a measure to lift constitutional caps on mining taxes.

Senate Joint Resolution 15 was approved late Saturday on a 13-8 vote. Two Republicans, Sens. Ben Kieckhefer of Reno and Michael Roberson of Las Vegas, joined Democrats in backing the measure. It now goes to the Assembly.

Net proceeds taxes paid by mining companies are capped at 5 percent, an amount calculated after deductions.

SJR 15 would remove that limit, allowing the Legislature flexibility to set the tax rate.

Since it is a constitutional amendment, it would need to be approved by lawmakers this year and again in 2013. It would then be put on the ballot in 2014.