The key tax incentives for Boeing have cleared the state Senate and are expected to get approval from the Missouri House tomorrow. The bill is the centerpiece of the state’s efforts to get Boeing to build its newest airliner here, a package that could total about $1.7-billion in the next 23 years. The exact amount depends on how many jobs Boeing would create at a factory it might locate near Lambert-St. Louis airport.
Senate sponsor Eric Schmitt of Kirkwood says foregoing as much as $1.7 billion in taxes could lead to a much bigger payoff. He recalls the St. Louis Regional Chamber of Commerce has testified the annual economic impact on the state could be as much as seven billion dollars.
A couple of senators have tacked on amendments that they say makes the program more accountable. One requires annual reports on hiring of minorities and women. The other requires the Economic Development Department to assess things ten years out and take steps to make sure the state does not lose any money on the deal. Schmitt does not think either amendment will harm the bill.
Final approval by the House tomorrow will give state economic development officials the weekend to put together Missouri’s bid, which is to be delivered to Boeing before the close of business Tuesday. Boeing expects to make a decision by January 10th.