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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.
CHICAGO (AP) - Illinois has taken a giant step toward fixing its biggest financial problem by approving a major pension overhaul this week. But lawmakers' inaction on tax incentives aimed at keeping companies in Illinois has triggered new concerns about the state's business climate.
The Senate and a House committee considered legislation giving tax breaks to Archer Daniels Midland Company, chemical distributor Univar and newly-merged OfficeMax and Office Depot. But the House adjourned after the pension vote, essentially pushing the issue into 2014.
The slow action, at least in the business world, could mean other states with interest in taking Illinois jobs have more of a chance to swoop in.
Still, lawmakers say they had no other choice. Their first priority was approving a plan aimed at fixing Illinois' $100 billion pension crisis.
The Missouri Senate will take up debate Wednesday on a tax incentive bill aimed at luring Boeing's commercial airplane plant to St. Louis. That after a Senate committee approved legislation Tuesday night that will offer up to $1.7 billion of incentives over two decades tor Boeing.
St. Louis Mayor Francis Slay and County Executive Charlie Dooley led a delegation of officials testifying Tuesday evening before the Senate committee. They touted the thousands of jobs a new Boeing plant would bring to the area.
Earlier Tuesday, Governor Jay Nixon released an economic analysis showing Missouri would take in more additional tax revenues than it would waive in incentives.
St. Louis area governments also would offer incentives. But local economic development officials said they weren't ready Tuesday to put a price tag on those incentives.
Missouri is one of several states competing to assemble the Boeing 777X airplane.
JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has signed legislation authorizing tax incentives for big-time sports events and some charitable donations.
Nixon highlighted his support for the charitable tax breaks by traveling to a food bank in Cape Girardeau on Friday. He signed the sports incentives without comment.
The sports legislation authorizes up to $3 million of tax credits annually for organizations that host amateur sporting events such as NCAA tournaments or Olympic trials. Lawmakers hope the cash will help Missouri compete with other states.
The other bill reinstates tax credits for donations to food pantries, child advocacy centers and pregnancy resource centers that had expired in recent years. Nixon says the tax credits can leverage private donations to help "our most vulnerable citizens."
Both bills were passed by the Legislature on March 13.