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Serving the Iron Range and northeastern Minnesota

Taconite Economic Development Fund

In 1992, the Minnesota Legislature established the Taconite Economic Development Fund (TEDF) to encourage capital investments in northeast Minnesota taconite plants. From 1993 through 2007, the TEDF program has reinvested more than $120 million back into northeast Minnesota taconite plants for new equipment, facility improvements, and research and development in new mining technologies. These dollars leverage additional investments by the taconite producers. The taconite producers recieve 30.1 cents for every ton of taconite they produce and must match it with a minimum of 7.35 cents per ton for an approved project. This rebate, commonly referred to as the investment tax credit, was made permanent by the 2001 Legislature.

Iron Range Resources also assists the taconite industry, including $146,152,709 made available since 1993 to the Minnesota taconite producers for investments in new equipment, facilities and research.  This is made possible through the rebate of production taxes from the Taconite Economic Development Fund (TEDF, Minnesota Statute §298.227).  In 2001, the Legislature made the TEDF permanent and increased the distribution by 14.7-cents per ton to 30.1-cents beginning in 2002.  In 2008, the Legislature made a one year reduction to 20.1 cents per ton.
The agency has provided an additional $46,389,561 since 1993 to the taconite producers through its Taconite Assistance Program, Producer Grant Program (PGP, Minnesota Statute §298.2961) and other assistance.  This amount includes $10 million appropriated in 1996 from the Douglas J. Johnson Trust Fund for the PGP through which Iron Range Resources provided grants to taconite producers for environmentally unique reclamation projects and facility improvements.
During 1993-2009, Iron Range Resources has reinvested a total of $192,542,270 in the Minnesota taconite industry through the above programs.
2009 Minnesota Mining Tax Guide (476K)