JEFFERSON CITY, MO—Missouri lawmakers approved a $1.7 Billion tax incentive package aimed at bringing job growth to the state. During the special session called by Governor Nixon, the General Assembly overwhelmingly approved SB 1 offering specific tax incentives to the aerospace industry. This was in response to Boeing announcing they are looking to move production of their 777x airplane out of Seattle. Even though Washington state offered $9 Billion in tax incentives to Boeing, their unions refused to make concessions, forcing the company to look elsewhere for a more business and cost friendly environment.
“As a proponent of job growth and a pro-business tax environment, it was refreshing to have the Governor proactively engage the legislature and allow Missouri to offer tax incentives encouraging job growth,” said Pro Tem Hoskins. “After Governor Nixon’s staunch opposition to HB 253, and his assertion that one could not simultaneously support education and tax breaks, I feared encouraging job growth in Missouri was going to be an uphill battle. With his new attitude on tax-incentives and job creation, I look forward to working more cohesively with the Governor for the benefit of all Missourians.”
Missouri’s incentive package offers up to $150 Million per year for 10 years to aerospace companies who create new jobs in Missouri. The Bill is also contingent upon Boeing creating at least 2,000 jobs in the state by June 20th, 2014. Average pay for these jobs is reportedly $75,000 per year. Boeing already has a formidable workforce within the state, providing over 15,000 jobs. Other states being seriously considered are Alabama and South Carolina, both right-to-work states, with existing Boeing production locations. Boeing will reportedly make a decision regarding moving production of the 777x in January 2014.