The focus is on Kansas City, but the Bombardier Aerospace tax credit package could benefit your area in one ay or another.
Creators of the tax credit program pronounce it unlike any other economic development tool in the nation or maybe in the world. It provides millions but it also says no tax credits will be given until people are on the job..and the company has to pay back all of that money over time, with a five percent interest.
Although more than two-thousand jobs would be created at Kansas City International airport, thousands more could be created throughout Missouri because suppliers will want to set up shop within a day’s delivery time from the factory.
Senate sponsor Charlie Shields says this concept is a template for other parts of the state and for cities’ own economic development programs. He says this kind of tax credit program can be repeated in other places.
Although legislators think Missouri’s chances are 50-50 at worst…and maybe as good as 75-25 that Bombardier will build its factory here, they think the state will still win if the company decides to stay in Montreal. They say this kind of tax credit structure can be used for the next mega-industrial development project anywhere in Missouri and if local communities want to base their own business development tax-incentive packages on the state structure, they are welcome to.