Russ Feingold: “my amendment eliminates the percentage depletion allowance for minerals mined on Federal public lands. It applies only…”

“my amendment eliminates the percentage depletion allowance for minerals mined on Federal public lands. It applies only to hard rock minerals and does not touch oil and gas, and it preserves the deduction for private lands. The President's fiscal year 2000 budget recommends eliminating this tax break. OMB estimates this amendment would raise $478 million over 5 years. We allow companies to mine on public lands for very low patent fees already. We shouldn't continue to provide them with a double subsidy by preserving this special tax break for hard rock mining companies which ordinary businesses do not get.”