A Bill for An Act - Draft

              t:.ls 1580 a bill for an act relating to the valuation of ore taconite iron sulphides and semi taconite for occupation tax purposes amending minnesota statutes 1961 section 298.03 be it enacted by the legislature of the state of minnesota section 1 minnesota statutes 1961 section 298,03 is amended to read 298.03 value of ore how ascertained the valuation of iron or other ores for the purposes of determining the amount of tax to be paid under the provisions of section 298.01 shall be ascertained by subtracting from the value of such ore at the place where ?Çó the same is brought to the surface of the earth such value to be determined by the commissioner of taxation 1 the reasonable cost of supplies used and labor performed at the mine in separating the ore from the ore body including hoisting elevating or conveying the same to the surface of the earth 2 if the ore is taken from an open pit mine an amount for each ton of ore mined or produced during the year equal to the cost of removing the overburden divided by the number of tons of ore uncovered the number o'f tons of ore uncovered in each case to be determined by the commissioner of taxation 3 if the ore is taken from an underground mine an amount for each ton of ore mined or produced during the year equal to the cost of sinking and constructing shafts and running drifts divided by the number of tons of ore than that can be advantageously taken out through such shafts and drifts the number of tons of ore fehaa that can be advantageously taken out in each case to be determined by