AR HB1007

Creates a new "qualified growth project" category for steel mill facilities with common ownership to qualified steel manufacturers, commenced after January 1, 2021, requiring a minimum $2 billion investment and commitment to create at least 700 new jobs averaging $120,000 annually plus 200 independent positions averaging $60,000 annually.

Establishes a closing date requirement of before July 1, 2023, by which the taxpayer must certify and the state must verify necessary capital acquisition, borrowing, site securing, engineering services, equipment purchases, and initial construction have occurred.

Increases the income tax credit cap for qualified growth projects to the lesser of the amount allowed under the incentive agreement or $11,000,000, compared to lower caps for existing qualified steel specialty products manufacturing facilities.

Allows qualified growth projects where a public retirement system is a proprietor, partner, member, or shareholder to retain possession and control of excess tax credits exceeding the $11,000,000 annual sale limit, enabling the taxpayer to claim up to $27,500,000 in credits against tax liability.

Requires a positive cost-benefit analysis from the Arkansas Economic Development Commission and Department of Finance before executing incentive agreements for qualified growth projects.