Good Jobs First – West Virginia residents will be footing the bill for the $1.7 billion handout to steelmaker Nucor Corporation, while the project is likely to benefit hundreds of workers who reside in Ohio and Kentucky. That’s the consensus from four economic policy watchdog groups spanning the region. Read the full press release.
In a hasty special session Monday and Tuesday, the West Virginia legislature suspended regular order to rush to enact a new tax incentive worth at least $1 billion per project, for an unnamed corporate beneficiary. That company was later revealed to be Nucor, Inc., the nation’s largest steel producer. Its projected $2.7+ billion investment will apparently entitle it to tax credits totaling $1.35+ billion (at 50% under the new law). The deal also includes $315 million in matching cash for the company’s infrastructure investments.
The project location is in Mason County, on West Virginia’s border with Ohio. Mason County actually protrudes into Meigs County, Ohio and borders Gallia County, Ohio. It is not far from Lawrence County and other counties in Kentucky. Indeed, Mason County’s Economic Development Authority touts three main highways: Route 35 (which crosses the Ohio River into Ohio); Route 64 (which goes to Kentucky); and Route 77 (which goes north, linking to more bridges into Ohio, and then to Ohio itself). The Mason County EDA website even touts nearby Ohio employers, including Bob Evans, Holzer Clinic/Medical Center, Gavin Plant, and the Kyger Creek Power Plant.
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