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Iowa passes $1.36 billion tax credits for steel plant

Iowa lawmakers have passed 1.36 billion dollars in tax credits for a massive steel plant. The House approved the plan 75-17 on Thursday. The Senate followed with a 28-19 vote. The credits support Mesabi Metallics’ proposed 15 billion dollar plant in Lee County. Governor Kim Reynolds called a special session for the vote. She is expected to sign the bill. Supporters say the plant will bring thousands of jobs to southeast Iowa. The MEGA tax credit package is one of the largest in state history. Critics questioned the size of the giveaway to a private company. Backers say the jobs and investment justify the cost. The plant would be among the biggest industrial projects in Iowa. Construction could start after final approvals. Local officials welcomed the vote as a win for the region. The MEGA package is one of the largest tax credit deals in state history. Critics questioned the size of the giveaway to a private firm. Backers say the jobs and investment justify the cost. Construction could start after final approvals.

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