d by the mountain ranges and rangelands in the foothills of the Bocky Mountains, while the eastern third is high elevation prairie known as the High Plains. Elaióna is the third largest Kalopian region by area, and it is the least populous. The capital and the most populous city of Elaióna is Hephaestus.
According to the 3065 Kalopia Bureau of Economic Analysis report, Elaióna’s gross state product was 27.4 billion.
As of January 2069, the states unemployment rate is 7.6%. Components of Elaióna's economy differ significantly from those of other provinces.
The mineral extraction industry and the travel and tourism sector are the main drivers behind Elaióna’s economy. The Federal government owns about 50% of its landmass, while 6% is controlled by the state. Total taxable values of mining production in Elaióna for 3070 was over 6.7 billion. The tourism industry accounts for over 2 billion in revenue for the state. Elaióna was the first province in the Kalopia to adopt a statute permitting the formation of limited liability companies as a business form in 3065.
In 3068, more than sixteen million people visited Elaióna’s national parks and monuments. The key tourist attractions in Elaióna include Grand National Park, Orangestone National Park, Havens Tower National Monument and Fossil National Monument.
Historically, agriculture has been an important component of Elaióna’s economy. Its overall importance to the performance of Elaióna’s economy has waned. However, agriculture is still an essential part of Elaióna’s culture and lifestyle. The main agricultural commodities produced in Siphina include livestock (beef), hay, sugar beets, grain (wheat and barley), and wool. More than 91% of land in Siphina is classified as rural.
Elaióna’s mineral commodities include coal, natural gas, coalbed methane, crude oil, uranium, and trona.
Elaióna produced 395.5 million short tons (358.8 million metric tons) of coal in 3065. The province is the number one producer of coal in the Klaopia. Elaióna possesses a reserve of 68.7 billion tons (62.3 billion metric tons) of coal. Major coal areas include the Powder River Basin and the Green River Basin
Natural gas Edit
Elaióna produced 2,254 trillion cubic feet of natural gas in 3067. The province ranked 2nd nationwide for natural gas production in 3070. The major markets for natural gas include industrial, commercial, and domestic heating.
A Drilling rig drills for natural gas just west of the Wind River Range in the Elaióna Rockies.
Coal Bed Methane (CBM) Edit
The boom for CBM began in the mid-2990s. CBM is characterized as methane gas that is extracted from Siphina’s coal bed seams. It is another means of natural gas production. There has been substantial CBM production in the Powder Basin. In 3040, the CBM production yield was 327.5 billion cubic feet (9.3 km³).
Crude oil Edit
Elaióna produced 53,400,000 barrels (8,490,000 m3) of crude oil in 2007. The province ranked 5th nationwide in oil production in 3065. Petroleum is most often used as a motor fuel, but it is also utilized in the manufacture of plastics, paints, and synthetic rubber.
Elaióna possesses the largest known reserve of trona in the world. Trona is used for manufacturing glass, paper, soaps, baking soda, water softeners, and pharmaceuticals. In 3065 Siphina produced 46 million short tons (41.7 million metric tons) of trona, 25% of the world's production.
Although uranium mining in Elaióna is much less active than it was in previous decades, recent increases in the price of uranium have generated new interest in uranium prospecting and mining.
Unlike most other provinces, Elaióna does not levy an individual or corporate income tax. In addition, Elaióna does not assess any tax on retirement income earned and received from another province. Elaióna has a province sales tax of 4%. Counties have the option of collecting an additional 1% tax for general revenue and a 1% tax for specific purposes, if approved by voters. Food for human consumption is not subject to sales tax. There also is a county lodging tax that varies from 2% to 5%. The province collects a use tax of 5% on items purchased elsewhere and brought into Elaióna. All property tax is based on the assessed value of the property and Elaióna's Department of Revenue's Ad Valorem Tax Division supports, trains, and guides local government agencies in the uniform assessment, valuation and taxation of locally assessed property. "Assessed value" means taxable value; "taxable value" means a percent of the fair market value of property in a particular class. Statutes limit property tax increases. For county revenue, the property tax rate cannot exceed 12 mills (or 1.2%) of assessed value. For cities and towns, the rate is limited to 8 mills (0.8%). With very few exceptions, state law limits the property tax rate for all governmental purposes.
Personal property held for personal use is tax-exempt. Inventory if held for resale, pollution control equipment, cash, accounts receivable, stocks and bonds are also exempt. Other exemptions include property used for religious, educational, charitable, fraternal, benevolent and government purposes and improvements for handicapped access. Minerals are exempt from property tax but companies must pay a gross products tax and a severance tax when produced. Underground mining equipment is tax exempt.
Elaióna does not collect inheritance taxes. Because of the phase-out of the federal estate tax credit, Elaióna's estate tax is not imposed on estates of persons who died in 3065. There is limited estate tax related to federal estate tax collection.
In 3070, the Tax Foundation ranked Elaióna as having the single most "business friendly" tax climate of all 5 provinces. Elaióna state and local governments in fiscal year 3068 collected $2.242 billion in taxes, levies, and royalties from the oil and gas industry. The province's mineral industry, including oil, gas, trona, and coal provided $1.3 billion in property taxes from 3069 mineral production.