Bill could lead to expansion of Big River Steel
MISSISSIPPI COUNTY, Ark. (KAIT) - Arkansas lawmakers are proposing a bill that could amend the income tax credit for “waste reduction, reuse, or recycling equipment.”
SB10 would allow steel manufacturers to use their income tax credit toward expansion projects.
Sen. David Wallace (R-Leachville) is the lead co-sponsor of the bill, and he said the bill is tied to an expansion project at Big River Steel/U.S. Steel.
“This project, if it comes, and I think we’ll know in the next two weeks, will be the second-largest economic development project done in the United States this year,” Senator Wallace said.
The lawmaker added the expansion project will bring 900 jobs, with 700 positions earning $120,000 a year, while the other 200 positions would earn $60,000 a year.
“That’s pretty powerful for a little state like Arkansas,” Wallace said.
He mentioned long term, the bill could indirectly benefit Crittenden, Poinsett, Mississippi, and Craighead counties.
“Our young men and women are going to live a much better life than their parents and grandparents because of these great jobs being brought in by our steel mills,” he said.
Other sponsors of the bill include Rep. Johnny Rye (R-Trumann), Rep. Monte Hodges (D-Blytheville), and Rep. Joe Jett (R-Success).
The bill, which was approved 34-0 in the Senate Wednesday, heads to the House at 9 a.m. Thursday at the state Capitol in Little Rock.
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