Iowa Lawmakers Raise Tax Incentives for Mesabi Metallics’ Steel Plant
10/08/2026 - Iowa’s lawmakers passed changes to the Major Economic Growth Attraction (MEGA) program to offer tax credits of up to 10% of Mesabi Metallics’ steel plant investment over a decade, Iowa Public Radio reported.
“By enacting reasonable and limited changes to the MEGA program, we’re clearing a path for Mesabi Metallics to make Iowa the future home of the largest steel investment in American history,” U.S. Governor Kim Reynolds said.
The amendment to MEGA doubles the investment incentive for a project from tax credits of 5% over 5 years to 10% over a decade. It also offers sales tax refunds during construction and a withholding tax credit against employee payroll, reported Iowa Public Radio.
For more information, click here.
The amendment to MEGA doubles the investment incentive for a project from tax credits of 5% over 5 years to 10% over a decade. It also offers sales tax refunds during construction and a withholding tax credit against employee payroll, reported Iowa Public Radio.
For more information, click here.
