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(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Potash Royalty Reduction Act of 2004 - States that for a five-year period the royalty rate on the quantity or gross value of the output from Federal lands of potassium and potassium compounds from the mineral sylvite at the point of shipment to market shall be 1.0 percent. Prescribes implementation guidelines under which fifty percent of such royalties, together with interest earned from the date of payment, shall be paid by the Secretary of the Treasury to the payor of the royalties to be used solely for land reclamation purposes in accordance with a schedule to implement a reclamation plan for the lands. Conditions such payment upon the following: (1) receipt of the royalties by the Secretary of the Interior; (2) approval of the reclamation plan and schedule by the Secretary of the Interior; and (3) submittal of such approved schedule to the Secretary of the Treasury. Directs the Secretary of the Interior to report to Congress on the effects of the royalty reduction, including a recommendation on whether the reduced royalty rate for potassium from sylvite should continue to apply after the end of the reporting period.

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