Proposed Arkansas law hopes to entice major steel mill project through tax credits - KATV
LITTLE ROCK (KATV) — On day two of Arkansas' special session, a bill passed through both the House and Senate which could help bring a large development project to the state.
SB 10 gives an income tax credit to waste reduction, reuse, or recycling equipment. That incentive is because U.S. Steel is considering Arkansas as the new home to another steel mill plant which would be located in northeast part of the state.
“We saw how poor our area was, and we’re changing that," the bill's sponsor, Senator David Wallace, said. "We’re changing that by bringing in these big steel mills.”
Wallace says the project would bring a new $3 billion capital investment into the state and create 900 jobs. 700 of which would be making more than $120 thousand a year.
“When we look at where we are now thanks to the steel mills in Mississippi county and where we were 30 years ago, they’ve made a difference in the lives of so many of our people," he said.
There are other contenders, however. Mississippi and Alabama are also wanting the development project, but Wallace thinks this legislation will put Arkansas in the driver’s seat.
“It’s a competitive field," he said. "Every day, every state wakes up, and they’re going to run as hard and as fast as they can to get these huge economic packages. This tax credit will give us if not an advantage, at least put us on the same level playing field as these other states offering.”
According to the U.S. Steel website, they already have two plants located in Pine Bluff and Osceola.
The bill will now head to Governor Asa Hutchinson's desk for consideration.
KATV reached out to U.S. Steel, and a spokesperson tells us they have not yet decided where this new plant will go but are seriously considering Arkansas.
source: https://katv.com/news/local/proposed-arkansas-law-hopes-to-entice-major-steel-mill-project
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