What's New for Mineral Taxes
2024 Production Tax Rate
The 2024 Production Tax base rate is $3.345 per taxable ton. Additional tax of 3 cents per ton applies for every 1% the product’s iron content exceeds 72%, when dried at 212 degrees Fahrenheit.
The Production Tax rate is indexed each year, based on changes in the Gross Domestic Product Implicit Price Deflator (GDPIPD). To calculate the rate, we multiply the previous year’s rate by the percentage change in the 4th quarter GDPIPD, as shown below.
| 2023 Rate | x | (2023 IPD/2022 IPD) | = | 2024 Base Rate |
|---|---|---|---|---|
| $3.259 | x | 123.271/120.093 | = | $3.345 |
The GDPIPD is published each quarter by Bureau of Economic Analysis, part of the U.S. Department of Commerce. View the most recent GPDIPD data on the Bureau of Economic Development webpage.
Minnesota Mining Tax Guide
The 2023 Minnesota Mining Tax Guide is now available!
Please note that we are no longer printing and mailing the Mining Tax Guide. The PDF file is formatted so that you can print it locally if you like.
For current mineral production and tax data, go to our Mining Statistics page.
