A proposed new law designed to protect Missouri communities from falling victim to another MAMTEK scheme is close to legislative approval. But it has picked up an amendment in the Senate that threatens to kill it.
MAMTEK, you’ll recall, is the Chinese company that talked Moberly into issuing tens of millions of dollars in bonds for a sweetener plant project that turned sour last year. Two legislative committees have investigate and have produced a proposed law that protects cities from similar debacles and requires the Department of Economic Development to be more vigilant.
Senate sponsor Jim Lembke describes the bill as “an effort to protect our communities” and develop more credible tax credit tools.
But Senator Eric Schmitt wants to tack on a five-dollar-per ticket tax credit to lure major athletic events to Missouri such as the NCAA tournament or the Super Bowl. He’s been trying to get the idea passed for three years and sees Lembke’s bill as the last chance he has to get his idea enacted this year.
Lembke, though, says the legislature is in no mood to talk about new tax credits. Schmitt won’t withdraw his amendment…so Lembke has withdrawn his bill from debate. The two have three days left to work something out.