15-23-517. Net proceeds for limestone -- statement -- value.

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15-23-517 . Net proceeds for limestone -- statement -- value.

(1)A statement of gross yield and value, required in 15-23-502 , that is filed by a producer of limestone extracted for the production of quicklime must contain the following:

(a)the name and address of the owner, lessee, or operator of the mine, together with the name and address of any person owning or claiming a royalty interest in the mineral product of the mine or the proceeds derived from the sale of the mineral product, and the amount or amounts paid or yielded as royalty to each person during the period covered by the statement;

(b)the description and location of the mine;

(c)the number of tons of limestone extracted and sold either as limestone or quicklime from the mine during the period covered by the statement;

(d)the amount and character of the limestone and the yield of the limestone from the mine, measured in tons, yielded to the person engaged in mining and to each royalty holder, if any, during the period covered by the statement; and

(e)the gross yield or value in dollars and cents.

(a)For purposes of this section, the gross yield or value of limestone is determined by multiplying the number of tons of limestone reported under subsection (1)(c) by:

(i)for the tax year beginning January 1, 1993, 34 cents; and

(ii)for the taxable years beginning January 1, 1994, and thereafter, the product obtained by multiplying 34 cents by the quotient of the PCE for the first quarter of the year previous to the taxable year for which the net proceeds value is being calculated, divided by the PCE for the first quarter of the 1992 taxable year.

(b)"PCE" means the implicit price deflator for personal consumption expenditures as published quarterly in the Survey of Current Business by the bureau of economic analysis of the U.S. department of commerce.