Co.s promise payback when prices rise -- but until then, uranium wants a break (corporate socialism)
When the market recovers, the uranium industry won’t need a tax break. But it does now, industry representatives say.
Citing low prices and employment, the Wyoming Mining Association will make the case for a state tax cut on uranium when lawmakers meet Thursday in Casper. The cuts worked once before, they say.
In the early ‘90s, when uranium prices slid, the state gave companies a break that lasted more than a decade. However, critics say Wyoming can’t afford to reduce mineral royalties during an economic downturn in which the state’s income from oil, gas and coal taxes has fallen. Others say the state shouldn’t on principle grant the tax breaks.
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In a statement released before the committee meeting, the council pointed out that current reclamation sites in Fremont County still need to be addressed, including groundwater concerns at the both the former Split Rock facility near Jeffrey City and the Umetco Minerals Corp. outside Riverton. Cleanup at the American Nuclear Corporation site in Fremont County is on hold due to lack of funds, according to the Nuclear Regulatory Commission. The company went under in 1994. Cleanup responsibilities were transferred to the state of Wyoming, according to the commission.
“In other words, the American – and Wyoming – taxpayers are on the hook for reclamation costs for mostly foreign owned companies. This is corporate socialism at its best,” Tope said in a statement.
Read more: http://trib.com/business/energy/companies-promise-payback-when-prices-rise----but/article_6533f0f1-64aa-59eb-a458-aead3059624b.html
