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SB 1877

EDGE WITHHOLDING-STEEL

104th Regular Session Introduced by Neil Anderson and 2 co-sponsors

SB 1877 - EDGE WITHHOLDING-STEEL OverviewBill Number: SB 1877 Title: EDGE WITHHOLDING-STEEL Status: Rule 3-9(a) / Re-referred to Assignments Introduced: March 04, 2025 Purpose a

Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 1877

SB 1877 - EDGE WITHHOLDING-STEEL

Overview

Bill Number: SB 1877
Title: EDGE WITHHOLDING-STEEL
Status: Rule 3-9(a) / Re-referred to Assignments
Introduced: March 04, 2025

Purpose and Intent

The primary goal of SB 1877 is to provide targeted tax relief and incentives for steel manufacturers in the state. The bill aims to encourage investment, job creation, and the competitiveness of the domestic steel industry in the face of global market pressures.

Key Provisions

  • Establishes a new "EDGE Withholding-Steel" tax credit program for eligible steel producers
  • Allows steel manufacturers to retain up to 50% of the state income tax withholdings from new full-time jobs created
  • Provides a 10-year eligibility period for the tax credit, with potential for a 5-year extension
  • Requires steel companies to meet minimum investment and job creation thresholds to qualify
  • Directs the Department of Commerce to administer the program and certify applicants

Affected Parties and Impacts

  • Steel manufacturing companies operating in the state would be the primary beneficiaries, gaining access to significant tax savings and incentives to support their operations.
  • Workers employed by participating steel firms could see increased job opportunities and potentially higher wages as a result of the program.
  • State and local governments may experience reduced tax revenue in the short-term due to the withholding credits, but could see economic growth and increased tax receipts over the long-term.
  • Consumers of steel products may see some cost savings passed on from manufacturers, though the overall impact on prices is uncertain.

Procedural and Timeline Considerations

SB 1877 was introduced in the state legislature on March 4, 2025 and has been referred to the Assignments Committee under Rule 3-9(a). The bill must clear this committee before it can proceed to a full floor vote. If passed by the legislature, the bill would then require the governor's signature to be enacted into law. The proposed EDGE Withholding-Steel program would take effect starting in the 2026 tax year, providing eligible steel producers with tax credits for a 10-year period (potentially extendable to 15 years).

Compiled from official sources — confirm details with the bill’s official record.

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