Tax Bond requirement for Mineral Mining Operations in Indiana
Through this bill a severance tax on coal, sand gravel, dimension stone, limestone, gypsum and crushed stone will be imposed in the amount of 4.5% of the gross value of the materials recovered from the earth. A surety bond must be posted by the persons required to file the tax reports and pay the amount owed. The amount will be determined by the Department of State Revenue. Cash will also be accepted in lieu of the bond.