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Missouri: Lawmakers back tax breaks for Canadian airplane maker
Now that the Missouri legislation has passed, state officials plan to make a formal pitch to Bombardier’s board of directors, which would make the final decision on the plant’s location.
If Bombardier receives 50 to 100 advance orders for the new C-Series planes from “quality airlines,” the company could commit to launch its plane production and announce its assembly plant location this July at the Farnborough International Airshow in England, Duchesne said.
Whether or not Missouri attracts the Bombardier facility, state economic development officials say it has taken a major step by demonstrating its willingness to compete for big businesses.
“I think it’s a very strong package,” said Department of Economic Development Director Greg Steinhoff. “The state has done everything it possibly can to try to attract a mega-project, and that message has already been sent around the country and around the world.”
Not all Missouri lawmakers support the deal, however,
Some senators expressed concerns about Bombardier’s financial health, noting it lost its investment grade status for debt in 2004, has undergone management turnover and is likely to face stiff competition in the worldwide market for regional jets.
Other lawmakers suggested Missouri would be better off directing tax breaks to small and mid-sized businesses.
“We’re focusing on the wrong part of our economy, and we’re just giving away the store to do it,” Rep. Rachel Bringer, D-Palmyra, said during Wednesday’s debate.
The legislation includes several provisions intended to make sure the state doesn’t pour money into Bombardier without any return. For example, the tax credits would be suspended if the state is out more than $155 million to Bombardier at any point. The tax credits would have to be repaid immediately if the company filed to construct a facility of at least 1 million square feet within five years.
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