Arkansas Senate Offers Incentives to BRS to Expand

Big River Steel received an incentive to expand operations after the passage of Arkansas Senate Bill 688. The new bill changes the existing law on income tax credits allowed for the purchase of waste reduction, reuse, or recycling equipment and provides tax incentives for steel mills that begin qualified expansion projects.

According to the Arkansas Department of Finance and Administration, “qualified expansion projects” would require an investment of at least $1 billion by a company and the creation of 500 or more jobs with average wages of $75,000 per year. A “qualified steel specialty products manufacturing facility” would be required to invest $200 million and create at least 150 jobs at the $75,000 per year average wage.