A scaled down economic incentive package designed to lure a Canadian airplane manufacturer to Kansas City International Airport has passed the House and been sent to the governor.
Though scaled down, the package still could total $240 million in tax credits. The state will offer Bombardier of Montreal the tax credits to help finance the building of a $400 million airplane manufacturing complex at KCI. The plant is expected to employ 2,100 workers expected to make $63,000 annually.
The House originally approved a package that could have totaled as much as $800 million stretched out over a 22-year period. The Senate balked at that package. Negotiations with House leaders and state economic development officials broke the stalemate and led to the reduced incentive package. The length of time has also been reduced. The $240 million in tax credits will be spread over an eight-year period.
The Chairman of the House Job Creation and Economic Development Committee, Rep. Ron Richard (R-Joplin), calls the Bombardier the largest economic development project in Missouri history. It is estimated that the airplane factory could have an overall economic impact of at least $5 billion.
SS SCS HCS HB 2393 now goes to Governor Blunt who is expected to waste no time in signing the legislation which will become the main aspect of Missouri’s pitch to Bombardier.