HB1870 Summary

• Authorizes issuance of general obligation bonds up to $125,000,000 to finance a mini-mill steel manufacturing facility by Big River Steel, LLC in Mississippi County, Arkansas under Amendment 82 of the Arkansas Constitution.

• Provides Amendment 82 Financing including $50,000,000 cash grant for site preparation costs, up to $20,000,000 matching grant for piling costs, and $50,000,000 incentive loan for equipment and infrastructure.

• Requires Big River Steel, LLC to achieve minimum capital investment of $1,023,590,000 and create at least 525 full-time positions paying average compensation of $75,000 within 36-month preliminary period.

• Establishes sales tax exemption on natural gas and electricity for the steel mill and extends recycling equipment tax credit carry-forward period from 3 to 14 years for qualified steel manufacturers meeting investment and job creation thresholds.

• Includes repayment penalties if company fails to meet investment or employment requirements, with maximum penalty capped at $70,000,000 or total disbursed grants, whichever is less; declares emergency effective date.