EPM Mining Ventures Inc. (TSXV:EPK) announced the formation of the “Utah High Cost Infrastructure Development Tax Credit” which could have a direct positive impact on the Company’s Sevier Playa Sulphate of Potash Project located in southwestern Utah.
As quoted in the press release,
Senate Bill 216 (“SB 216″) was signed into law by Utah Governor Gary Herbert on March 30, 2015, creating the Infrastructure Tax Credit. The Infrastructure Tax Credit is a post-performance tax credit for all state taxes generated by a new business or expansion of an existing business in the state of Utah and provides for a total tax incentive over a twenty-year period of up to 50% of “qualifying infrastructure” costs incurred by the business.
Lance D’Ambrosio, Chief Executive Officer of EPM stated:
The state of Utah has demonstrated its intention to aggressively retain its title as one of the best states for business. The Infrastructure Tax Credit was tailor-made for companies like ours which are looking to develop Utah’s rich mineral resources and to expand Utah’s economic future. The impact of the Infrastructure Tax Credit is very significant because the qualifying utility infrastructure costs under the incentive are projected to be as much as $150 million so the program has the potential to substantially reduce net capital expenditure costs.
Click here for the full EPM Mining Ventures Inc. (TSXV:EPK) press release