Iowa lawmakers to vote on raising tax incentive cap for a $15B steel plant
The measure raises the credit cap to 10% for rural projects and could deliver nearly $1.4 billion in incentives for a proposed $15 billion steel mill.
- Governor Kim Reynolds called the Iowa Legislature to a special session on Friday, October 2, to pass tax incentives for a new $15 billion steel plant in southeast Iowa.
- President Donald Trump announced on Monday, September 28, that Mesabi Metallics plans to build the facility in Lee County to refine iron ore mined in northern Minnesota.
- Lawmakers will consider amending the Major Economic Growth Attraction program to increase tax credits to up to 10% of investment costs, amortized over 10 years.
- Once fully operational by 2030, the mill is projected to produce 10 million tons of steel annually while supporting 6,000 construction jobs and 1,750 permanent roles in Iowa.
- House Minority Leader Brian Meyer stated Democrats want to ensure the deal benefits taxpayers as the session convenes weeks before the November 3 midterm elections.
119 Articles
119 Articles
Trump’s 'largest' jobs project hits embarrassing snag
President Donald Trump said construction had already begun on a $15 billion steel plant in Iowa, which he called the largest in U.S. history; however, local records tell a different story.On September 28, Trump announced the Mesabi Metallics project from the Oval Office together with officials from Iowa and company executives. The White House described it as "the largest steel plant ever built in the United States", and Commerce Secretary Howard…
Manufacturing Dive
Construction DiveIowa governor signs bill allowing $1.4B in tax incentives for steel project
While a majority of lawmakers moved the legislation through Friday, several raised concerns that the project was being rushed and without public input. President Donald Trump said it will be the “largest steel plant in American history.”
Iowa lawmakers pass tax incentive changes for Mesabi steel mill
Iowa lawmakers gathered for a special session Friday to amend the state’s Major Economic Growth Attraction program for the recently announced Mesabi Metallics steel mill. Passed by the Senate 28 to 19 and the House 75 to 17, House File 2801 will change the tax incentives of the program for businesses developing in a rural...
Dispatch Argus
Muscatine JournalIowa lawmakers approve $1.4 billion in tax breaks for steel plant
Nearly $1.4 billion in state tax breaks would be awarded to a Minnesota-based, India-owned company that plans to build a $15 billion steel plant in Lee County in southeast Iowa under legislation being considered Friday by state legislators.
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