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Committee backs SB 10 incentive package tied to US Steel expansion in Northeast Arkansas
Summary
Senators advanced SB 10, a bill authorizing tax credits and incentives tied to a proposed US Steel expansion that supporters say would mean more than $3 billion in new capital investment and roughly 700 direct jobs at high wages for Northeast Arkansas.
LITTLE ROCK — The Senate Revenue and Tax Committee approved SB 10, an economic‑development package supporters say will secure a major expansion from US Steel in Northeast Arkansas.
Senator Wallace, presenting the measure, said the project would bring more than $3 billion in new capital investment in addition to prior investments by Big River Steel, for a regional total the senator described as roughly $5.2 billion. He told the committee the expansion would create about 700 direct jobs averaging around $120,000 a year and another estimated 200 vendor jobs averaging roughly $60,000.
The sponsor described tax credits averaging about $11 million per year over 14 years and said the state can purchase back credits at a 20 percent discount, a mechanism the sponsor characterized as a money‑back guarantee tied to performance and a positive cost‑benefit analysis by the state economic development authorities.
Committee members asked questions about revenue estimates and the likely state tax receipts generated by high‑wage hires; the sponsor said an estimated majority of the plant workforce pay Arkansas income tax and highlighted broader local tax and economic benefits. After discussion, the committee voted to advance SB 10.
What comes next: SB 10 will go to the Senate calendar for further consideration and fiscal review.
