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Committee advances bill to extend recycling tax credit for large steel projects
Summary
Senate Bill 543 would allow recycling tax credits equal to 30% of eligible equipment costs for qualifying steel mill projects that invest more than $200 million, create at least 150 jobs with average wages of $75,000 and pass a positive cost–benefit analysis; committee advanced the bill after DFA said credits are conditioned on incentive agreements and clawbacks and are not expected to change the fiscal forecast.
State Senator Dave Wallace (District 22) told the Senate Revenue & Tax Committee that Senate Bill 543 extends a previously enacted recycling tax credit for large steel mill projects and would allow a 30% credit on eligible equipment costs for projects that meet stringent thresholds: total investment greater than $200 million, at least 150 new jobs and average annual wages of $75,000.
"For projects that qualify, this bill will allow…
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