Little known fact: The GOP/industry-crafted mining bill shortchanges local communities in impacted areas and awards a big chunk of the meagre iron ore revenues to be collected by the state to Scott Walker's Wisconsin Economic Development Corporation, (WEDC), - - the Walker-chaired brainchild and sop to business that mismanaged state funding, had its initial CEO fade away, and lose track of millions in loans in just its first year of existence.
Clean Wisconsin lists that revenue grab in a list of important things you need to know about the bill:
Directs 40% of all mining tax revenues to the beleaguered Wisconsin Economic Development Corporation, rather than to local governments for their investments in local infrastructure as local law requires. WEDC has recently been under fire for losing track of more than $8 million in loans it gave to state businesses. (p. 40)An alternative bill proposed by State Sen. Tim Cullen, (D-Janesville), would bring some sanity to the distribution of the revenue - - which, by the way, should be greatly increased:
Seventy percent of tax revenue would go to local governments. The remaining 30 percent would go to WEDC for loans and grants to businesses within 100 miles of the mine.Under current law, 100% of such revenues go to the locals.