AR SB10

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

Establishes maximum income tax credits of $11 million for qualified growth projects (or the lesser amount in the incentive agreement), compared to $4-$6.5 million for existing qualified steel specialty products manufacturing facilities based on investment levels.

Modifies distribution of tax credits so that excess credits beyond the $11 million public retirement system cap for qualified growth projects remain in possession and control of the taxpayer rather than the public retirement system, allowing the taxpayer to claim up to $27.5 million in credits.

Changes the timeline for public retirement systems to provide notice of tax credits to be sold from "beginning July 1, 2020" to "between July 1 and July 15 of each year."

Allows unused tax credits that cannot be sold or claimed in a given year to be carried forward indefinitely with the carry-forward period extended annually to preserve ability to use credits in future years.