Sec. 1.
As used in this act:
(a) "Low grade iron ore" means iron-bearing rock, also known as iron formation, jasper, ferruginous chert, or ferruginous slate, that is not merchantable as ore in its natural state and from which a merchantable product can be produced only by beneficiation or treatment involving fine grinding.
(b) "Low grade iron ore mining property" means mineral bearing land from which low grade iron ore is mined, and includes the beneficiation or treatment plants, and other necessary land, buildings, facilities, equipment, tools, and supplies used in connection with the mining, transportation, and beneficiation or treatment of the low grade iron ore in producing merchantable iron ore pellets or other concentrated or agglomerated products. For the 1987 tax year only, low grade iron ore mining property includes a coal-fired power generating facility or a portion of a coal-fired power generating facility if all of the following conditions are met:
(i) The power generating facility or portion of the power generating facility has a manufacturer's rated capacity of 400 megawatts or less and produces power that for 1987 is reserved for use by other low grade iron ore mining property before that power is used for other purposes. Not more than 30 days after the effective date of the amendatory act that added this subparagraph, the owner of the power generating facility on tax day of the 1987 tax year shall certify the portion of the facility reserved for first use by the mining operation for 1987.
(ii) The power generating facility or portion of the power generating facility is owned directly or indirectly on tax day of the 1987 tax year by a person or corporation that owns directly or indirectly at least 15% of the other low grade iron ore mining property for which the power is reserved.
History: 1951, Act 77, Imd. Eff. May 28, 1951 ;-- Am. 1959, Act 147, Eff. Mar. 19, 1960 ;-- Am. 1978, Act 537, Imd. Eff. Dec. 21, 1978 ;-- Am. 1987, Act 277, Imd. Eff. Jan. 6, 1988 Compiler's Notes: Section 2 of Act 277 of 1987 provides: “This act shall be known and cited as the 'James Goulette iron ore recovery act of 1987'.”
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