(KLZA)--NioCorp Developments is thanking state leaders following the passage of LB 1165, legislation signed into law that company officials say will strengthen the outlook for its Elk Creek Project in southeast Nebraska. Chairman and CEO Mark Smith expressed appreciation to Governor Jim Pillen, Revenue Committee Chairman Brad von Gillern, and State Senator Bob Hallstrom, along with other members of the Nebraska Legislature, for backing the measure.
LB 1165 expands and adjusts portions of the Nebraska Advantage Act, including extending the timeframe companies have to meet Tier 6 employment and investment requirements. For NioCorp, that change is expected to provide greater flexibility in qualifying for roughly $200 million in state tax benefits over the next decade, as the company moves forward with hundreds of millions of dollars in planned investment in Nebraska.
The Elk Creek Project is projected to bring major economic impacts to the region, including approximately 450 permanent full-time jobs and an estimated 2,100 additional jobs across the broader Nebraska economy. Over the life of the mine, projections also include a $1.1 billion payroll, more than $600 million in state and local tax contributions, and roughly $300 million in payments to landowners.
State officials say the legislation is part of a broader effort to support long-term industrial development and job creation across Nebraska.
