The state of Utah passed House Bill 74 to assist steel companies in the state by extending tax exemptions. However, with Geneva Steel closed, Nucor Steel is the only steelmaker presently operating in the state that can take advantage of the bill. The bill modifies the Sales and Use Tax Act to amend sales and use tax exemption provisions. It extends the sunset date by ten years for the sales and use tax exemption for, among other industries, certain steel mills.
The bill was sent to the Legislative Research and General Counsel for enrolling on March 1.
According to local press, the tax exemption could total $1 million for Nucor. The company has two facilities in Utah.
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