Include lithium in the definition of precious metal for purposes of the minerals severance tax, and to set the tax rate for lithium severed in this state.
To Amend The Law Concerning The Taxes Applicable To Lithium Extraction And Development; To Provide A Sales And Use Tax Exemption For Lithium Resource Development; And To Amend The Law Concerning The Severance Tax On Lithium.
The definitions of critical minerals and rare earth minerals and descriptions and definitions of minerals in leases and conveyances; and to provide for retroactive application.