Taconite Tax Bill - Draft

              state as such laws may be enacted ox amended fro time to time exp&t $ that within the limitations of otber constitutional provisions and for the purpose of the computation under this clause b i income shall be apportioned to minnesota in the manner which may be specified by law ii op'erating losses shall be carried forward from one taxable year to another only to the extent which may be permitted by law and lii the market value of the t aconite or semi~taconite or the beneficiated product thereof , at the point where the beneficiation processes within tills state are completed may be treated by law as gross receipts for the purpose of determining gross income fro the business of saining 2 producing qt benef iciatitig taconite or semi taconite provided that if such market value is so used to the extent that federal income taxes are deductible in computing taxes of manufacturing corporations generally , dedtictions shall be computed and allowed as if such taxes had been computed assessed and paid under the federal income tm laws with the market value of the taconite or semi~taconite or the beneficiated product thereof coast ittitix4g the gross receipts for the purpose of determining gross income from the business of mining producing or bemeficiatifig taconite or semi~t aconite e taxes,v imposed upon the mining or quarrying of taconite or semi~taconite and upon the production of iron ore concentrates therefrom which are in lien of a tax on real or personal prppertr j shall not be considered to be occupations royalty i or excise taxes within itte meariing of this amendment ?? for tlie purpose of this amendment sstaeqaitesf^ana seiiil-tacoaite11 shall have the meaning given to them by laws in existence at the time of the