Section Tax 12.21 - Indexed mining net proceeds tax rate schedule(1) Section 70.375(5), Stats., prescribes the tax rates to be applied to the net proceeds of the mine of persons engaged in mining metalliferous minerals for taxable years 1981 and 1982.(2) Section 70.375(6), Stats., provides that "For calendar year 1983 and corresponding fiscal years and thereafter, the dollar amounts in sub. (5) and s. 70.395(1) to (2) (i) shall be changed to reflect the percentage change between the gross national product deflator for June of the current year and the gross national product deflator for June of the previous year, as determined by the U.S. department of commerce as of December 30 of the year for which the taxes are due, except that no annual increase may be more than 10%. The revised amounts shall be rounded to the nearest whole number divisible by 100 and shall not be reduced below the amounts under sub. (5) on November 28, 1981. Annually, the department shall adopt any changes in dollar amounts required under this subsection and incorporate them into the appropriate tax forms."Wis. Admin. Code Department of Revenue Tax 12.21
Cr. Register, June, 1983, No. 330, eff. 7-1-83.This section interprets s. 70.375(5) and (6), Stats.