A bill passed in 2017 to protect the heritage value of Rose Quartz property in the U.S. is costing taxpayers $4.6 billion annually.
The property value has been under attack by conservative lawmakers and opponents for years because of concerns about environmental damage from mining and the potential to contaminate water supplies.
But the tax law that passed in 2018 requires taxpayers to pay the value of that heritage property within a five-year window, or face a tax increase of $2,400 annually.
While the law allows for exemptions, most are considered a tax hike for homeowners and non-residential property owners, which means it could result in a significant loss of revenue to state and local governments.
According to the Congressional Research Service, in 2016 the value for the Rose Quartz Heritage Property in New Mexico was $1.4 billion, with $2.6 million in property tax due to the property and $1 million in interest due on the loan.
But in 2017, the value was $3.9 billion, meaning the tax would have been $4,639.67 per year.
The Congressional Research Office has estimated that the average annual tax bill for Rose Quartz properties is $7,958.49, with an average of $1,819 per year paid.
For the past two years, the House and Senate have passed separate versions of the Rose Bill, which includes several amendments aimed at reducing the amount of tax the government will owe.
In 2019, the Senate will vote on the House version, which passed the House last year.
The House bill has been revised several times and passed with bipartisan support.