E48 | MEGA program, Willis Automotive, mining technology | Business Record Iowa News Headlines

Governor Kim Reynolds has signed a bill amending the state's mega tax incentive program, paving the way for Masabi Metallics to build a $15 billion steel plant in Lee County.

The Iowa legislature passed the bill during a special session Friday after the project was announced from the White House last week.

Under the new legislation, the Iowa Economic Development Authority can now offer either a tax credit of up to 5% of a company's investment paid over five years or a credit of up to 10% paid over 10 years for a project located in a rural county.

IEDA Director Debbie Durham said the legislative change is only the first step.

The incentive next goes to the IEDA Board for consideration.

The total incentive amount could be up to $1.3 billion over 10 years.

Credits under the mega program are given once a project is complete and operational.

At least 50% of the promised jobs are on the payroll and meet wage requirements.

The ownership of Willis Automotive is shifting as the luxury car dealer brings on the Sewell family of companies as a new partner.

The deal will see Willis chairman Rich Willis sell the company to current CEO Jason Willis and Colin Sewell of the Sewell family.

Rich Willis will retire as part of the transition.

The sale is scheduled to close on October 26th.

Founded in 1911, the Sewell family of companies is a family-owned automotive group in West Texas.

Some of its core automotive brands include BMW, Cadillac, and Chevrolet.

Look for a follow-up interview with Jason Willis in the Business Record Daily later this week.

Early findings from a survey asking about Iowa businesses' use of artificial intelligence show that larger companies say they are moving beyond the initial phase of AI adoption into multiple use cases, if not AI transformation.

The survey was commissioned by the Technology Association of Iowa and Lean Techniques and is being conducted by Drake University professors Chris Porter and Chris Snyder.

Porter said the survey has 36 responses so far from mostly larger companies based in the Des Moines area.

Nearly all of the respondents said they plan to invest more in AI over the next year and do not expect a reduction in head count as a result of the technology.

Businesses are identifying a gap in preparing college students with AI skills, Porter said, saying there is a need to expose them to AI use cases in the business community.

Porter said they hope to have the full survey results to share at TAI's Prometheus Awards in early November.

Governor Kim Reynolds has signed a bill amending the state's mega tax incentive program, paving the way for Masabi Metallics to build a $15 billion steel plant in Lee County.

The Iowa legislature passed the bill during a special session Friday after the project was announced from the White House last week.

Under the new legislation, the Iowa Economic Development Authority can now offer either a tax credit of up to 5% of a company's investment paid over five years or a credit of up to 10% paid over 10 years for a project located in a rural county.

IEDA Director Debbie Durham said the legislative change is only the first step.

The incentive next goes to the IEDA Board for consideration.

The total incentive amount could be up to $1.3 billion over 10 years.

Credits under the mega program are given once a project is complete and operational.

At least 50% of the promised jobs are on the payroll and meet wage requirements.

The ownership of Willis Automotive is shifting as the luxury car dealer brings on the Sewell family of companies as a new partner.

The deal will see Willis chairman Rich Willis sell the company to current CEO Jason Willis and Colin Sewell of the Sewell family.

Rich Willis will retire as part of the transition.

The sale is scheduled to close on October 26th.

Founded in 1911, the Sewell family of companies is a family-owned automotive group in West Texas.

Some of its core automotive brands include BMW, Cadillac, and Chevrolet.

Look for a follow-up interview with Jason Willis in the Business Record Daily later this week.

Early findings from a survey asking about Iowa businesses' use of artificial intelligence show that larger companies say they are moving beyond the initial phase of AI adoption into multiple use cases, if not AI transformation.

The survey was commissioned by the Technology Association of Iowa and Lean Techniques and is being conducted by Drake University professors Chris Porter and Chris Snyder.

Porter said the survey has 36 responses so far from mostly larger companies based in the Des Moines area.

Nearly all of the respondents said they plan to invest more in AI over the next year and do not expect a reduction in head count as a result of the technology.

Businesses are identifying a gap in preparing college students with AI skills, Porter said, saying there is a need to expose them to AI use cases in the business community.

Porter said they hope to have the full survey results to share at TAI's Prometheus Awards in early November.