Post by Logan on May 11, 2016 10:25:37 GMT -6
Bankrupt coal companies pay most of their tax bills to Wyoming county
CASPER, Wyo. — The bankrupt coal mining companies operating in the Powder River Basin paid nearly all of their Campbell County taxes before a Tuesday deadline, bringing relief to officials in state and local government, which desperately need the money at a time of an economic downturn and smaller revenues.
Arch Coal and Alpha Natural Resources paid $34.5 million and $14.5 million respectively, squaring their tax bills with the county. Peabody Energy sent $38 million — the production tax portion of its bill with the county. The company still owes nearly $3 million in taxes for land, other property, such as equipment, and from a state audit that found the company didn't pay enough in 2008, said Becky Brazelton, the county treasurer.
The money is vital to the state and the northeastern Wyoming county, which is reeling after layoffs of some 500 miners in March. Questions have lingered over whether the bankrupt companies would come through.
The deadline for production tax on coal mined in 2014, and land and equipment in 2015, was 5 p.m. Tuesday. Companies can pay the entire bill at once or in two installments. Interest will accrue on Peabody’s outstanding $3 million unless the company sends the check by mail and the postmark is May 10, Brazelton said.
Read more: billingsgazette.com/news/state-and-regional/wyoming/bankrupt-coal-companies-pay-most-of-their-tax-bills-to/article_da073c92-a8c8-5d65-90c3-821a75a35cbd.html
CASPER, Wyo. — The bankrupt coal mining companies operating in the Powder River Basin paid nearly all of their Campbell County taxes before a Tuesday deadline, bringing relief to officials in state and local government, which desperately need the money at a time of an economic downturn and smaller revenues.
Arch Coal and Alpha Natural Resources paid $34.5 million and $14.5 million respectively, squaring their tax bills with the county. Peabody Energy sent $38 million — the production tax portion of its bill with the county. The company still owes nearly $3 million in taxes for land, other property, such as equipment, and from a state audit that found the company didn't pay enough in 2008, said Becky Brazelton, the county treasurer.
The money is vital to the state and the northeastern Wyoming county, which is reeling after layoffs of some 500 miners in March. Questions have lingered over whether the bankrupt companies would come through.
The deadline for production tax on coal mined in 2014, and land and equipment in 2015, was 5 p.m. Tuesday. Companies can pay the entire bill at once or in two installments. Interest will accrue on Peabody’s outstanding $3 million unless the company sends the check by mail and the postmark is May 10, Brazelton said.
Read more: billingsgazette.com/news/state-and-regional/wyoming/bankrupt-coal-companies-pay-most-of-their-tax-bills-to/article_da073c92-a8c8-5d65-90c3-821a75a35cbd.html