Selected Tax Provisions Affecting the Hard Minerals Mining and Timber Industries
GGD-87-77FS: Published: Jun 3, 1987. Publicly Released: Jun 3, 1987.
- Full Report:
Pursuant to a congressional request, GAO reviewed how the Tax Reform Act of 1986 affected the mining and timber industries.
GAO found that, although certain provisions for mining exploration and development and tax credit for reforestation expenses remained unchanged, the act: (1) repealed the capital gains treatment of income and the investment tax credit, which raised the tax rate on capital and the cost of acquiring capital; (2) increased the tax burden on the industries; and (3) reduced corporate tax rates.