Taconite Tax Bill - Draft

              the combined occupation $ royalty and excise taxes imposed upon or required to be paid with respect to the mining production or benefidation of taconite or semi taconite by any person or corporation engaged in such mining production or benef iciation shall not be increased so as to exceed the greater of a the amount which would be payable if such taxes were computed under the laws in existence as of january 1 1961 , or b the amount which would be payable if such person ox corporation were taxed with respect to such mining production or beneficiation tinder the income franchise and excise tax laws generally applicable to tftanufacturinii corporations transacting business within the state as such laws may be enacted v .?Çó?ª?Çó ,:?Çó,'?ª?ª?ª. ?ª ?ª;.,.?ª?ª>?ª.?ª:?ª?ª?Çó?ª?Çó?ª -?ª?Çó.""?ª ?ª?ª?ª v ?ª?ª;-...:-?ª?ª>. . , or amended from time to time except that within the limitations of other constitutional provisions mid for the purpose of the computation under this el b , i income shall be apportioned to minnesota in the manner which may be specified by law ii operating losses shall be carried forward from one taxable year to another only to the extent which may be permitted by law mnd iii the market value of the ot s&tti??taconitef or the benef ?ª ved product thewmi at the point where the beneficiation processes within this state mem completed may be treated by law as gross receipts for the purpose of determining gross income from the business of miningf producing or benef iciating taconite or semi taconite provided that if such market value is so used to the extent that federal income taxes are