(1) In addition to any other tax, there shall be levied, collected, and paid for each taxable year a tax upon the severance from the earth in this state of all metallic minerals as to all such severance occurring on and after January 1, 1978. Such tax shall be levied against every mining operation engaged in the severance of metallic minerals and shall be based upon the gross income of such mining operation. The rate of the tax for all metallic minerals shall be as follows: (a) For taxable years commencing prior to July 1, 1999: Percentage tax Amount of gross income on gross income First $11,000,000 No tax Amount exceeding $11,000,000 2.25% (b) For taxable years commencing on or after July 1, 1999: Percentage tax Amount of gross income on gross income First $19,000,000 No tax Amount exceeding $19,000,000 2.25% (2) There shall be allowed, as a credit against the tax computed in accordance with subsection (1) of this section, an amount equal to all ad valorem taxes assessed during the taxable year in the case of accrual basis taxpayers or paid during the taxable year in the case of cash basis taxpayers on producing mines valued for assessment pursuant to section 39-6-106. Such credit shall not exceed fifty percent of the tax computed in accordance with subsection (1) of this section.
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