Rep. Miller-Meeks on seeking a fourth term in Iowa's 1st Congressional District

Yeah.

Hi, Ben.

So, um, like you said, they've been gaveled in.

The bill has been introduced, and the bill is starting to work its way through committee.

I stepped out of a House subcommittee where, uh, lawmakers are taking comment on the bill.

They heard from the CEO of Mesabi Metallics.

They heard from, uh, ec- economic development director Debbie Durham, their thoughts on the project and why they think it should go forward.

They've heard a few criticisms about the pace of this special session, but so far the- things are kind of getting going with these, uh, committee processes.

This is a program most of us have not heard of, MEGA created in, uh, is the acronym it goes by.

Not MAGA, MEGA, M-E-G-A, created in 2024-

Right

... for projects over a billion dollars.

Tell us more about what, what was enacted in 2024 and, and what today's session will change about it.

Yeah.

It's specifically designed for the biggest economic development projects.

Like you said, it was, uh, became law two years ago.

It's never been used so far in Iowa, and the changes that they're looking at today are meant to make some, uh, changes to the law specifically aimed at this steel plant project.

What it allows for is what is called a qualifying investment tax credit, so that's a tax credit based on the investment in the project.

Currently in the law, that's a 5% investment tax credit.

Governor Kim Reynolds is proposing increasing that to a 10% tax credit based on the cost of the project.

Uh, in the current law, that's, um, that tax credit is spread over five years.

The proposal is to spread it over 10 years.

So instead of 5% over five years, it would become 10% over 10 years.

Several GOP, uh, uh, leaders from Iowa at that Oval Office meeting on Monday.

The commerce secretary stood in the Oval Office and said the deal was done.

Yeah.

Hi, Ben.

So, um, like you said, they've been gaveled in.

The bill has been introduced, and the bill is starting to work its way through committee.

I stepped out of a House subcommittee where, uh, lawmakers are taking comment on the bill.

They heard from the CEO of Mesabi Metallics.

They heard from, uh, ec- economic development director Debbie Durham, their thoughts on the project and why they think it should go forward.

They've heard a few criticisms about the pace of this special session, but so far the- things are kind of getting going with these, uh, committee processes.

This is a program most of us have not heard of, MEGA created in, uh, is the acronym it goes by.

Not MAGA, MEGA, M-E-G-A, created in 2024-

Right

... for projects over a billion dollars.

Tell us more about what, what was enacted in 2024 and, and what today's session will change about it.

Yeah.

It's specifically designed for the biggest economic development projects.

Like you said, it was, uh, became law two years ago.

It's never been used so far in Iowa, and the changes that they're looking at today are meant to make some, uh, changes to the law specifically aimed at this steel plant project.

What it allows for is what is called a qualifying investment tax credit, so that's a tax credit based on the investment in the project.

Currently in the law, that's a 5% investment tax credit.

Governor Kim Reynolds is proposing increasing that to a 10% tax credit based on the cost of the project.

Uh, in the current law, that's, um, that tax credit is spread over five years.

The proposal is to spread it over 10 years.

So instead of 5% over five years, it would become 10% over 10 years.

Several GOP, uh, uh, leaders from Iowa at that Oval Office meeting on Monday.

The commerce secretary stood in the Oval Office and said the deal was done.