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Thursday, 27 March 2014 17:19

Governor Nixon issues ultimatum on tax cuts

JEFFERSON CITY, Mo. (AP) - Missouri Gov. Jay Nixon says any "discussion of tax cuts is a nonstarter" until lawmakers first take steps to curb the amount of money going to tax breaks for developers.
 
Nixon's statement Thursday came a day after the Senate gave initial approval to legislation that could gradually reduce the state's income tax rates, beginning in 2017.
 
An income tax cut is a top priority this year for Republicans.
 
The Democratic governor vetoed a tax-cut plan last year and has threatened to do so again unless it meets several criteria. Those include full funding for public schools and new limits on tax credit programs for the development of low-income housing and historic buildings.
 
The Senate bill is not contingent upon conditions being met.
Published in Local News
CHICAGO (AP) - Illinois lawmakers are questioning the effectiveness of the state's system for giving tax breaks to corporations.
   Legislators held the first of several hearings on the issue Friday in Chicago.
   Dan Long is executive director of the Commission on Government Forecasting and Accountability. He tells legislators Illinois businesses benefited from about $1.5 billion in tax breaks in 2012.
 
   Yet lawmakers note Illinois has one of the highest unemployment rates in the nation.
   Republican state Rep. David McSweeney says "What is clear is what we're doing isn't working."
 
   But Connie Beard of the Illinois Chamber of Commerce calls the state's main incentive program a "very valuable tool" for attracting and keeping business.
   The hearings could lead to legislation to change the state's incentive programs during the General Assembly's spring session.
Published in Local News

   When the state of Missouri presents it's economic package to Boeing Tuesday, it'll include an extra tax incentive from St. Louis County.  

   Monday night, the County Council unanimously approved a preliminary package that could be worth as much as $1.8 billion if Boeing agrees to build the 777X commercial airliner near Lambert Airport.  The specific form of the incentives will take has not yet been determined, but could include TIFs, or tax increment financing.

   Both County Executive Charlie Dooley and St. Louis Mayor Francis Slay addressed the County Council last night in an effort to win the incentives.  Both made the case that the number of jobs the plant would bring would mean a significant economic boost to the region.  Production of the plane could bring as many as 8,000 new jobs to the St. Louis area.  

   With the county incentives and the tax breaks approved by state lawmakers last week, Missouri's bid to win the plant is worth nearly $3.5 billion over 20 years.   

   More than a dozen communities are vying for the new Boeing plant.  The aerospace company is expected to make a decision in January 2014.

Published in Local News

SPRINGFIELD, Ill. (AP) - The Illinois Senate adjourned its fall session today without voting on tax breaks for Archer Daniels Midland Company or the newly merged OfficeMax and Office Depot.

Sen. Tom Cullerton is sponsor of the bill to give up to $53 million in tax breaks to Office Depot Inc., which emerged from the merger of Naperville-based OfficeMax and Florida-based Office Depot.

He expects lawmakers will return to Springfield in December to deal with the state pension crisis. Cullerton says some legislators wanted to wait to give out tax breaks until after they'd passed pension reform.

Sen. Andy Manar is sponsor of the ADM bill. He says he feels progress has been made on the $30 million ADM bill.

The incentives are aimed at getting the companies to keep their headquarters in Illinois.

 

Published in Local News

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