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.
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.