Boeing Boeing (November 27, 2013)
Gov. Jay Nixon: Mega Corporation Monday (November 29, 2013)
The Boeing bill has been introduced in the Missouri General Assembly:
FIRST EXTRAORDINARY SESSION
HOUSE BILL NO. 1
97TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE ZERR.
0005H.01I D. ADAM CRUMBLISS, Chief Clerk
To amend chapter 620, RSMo, by adding thereto one new section relating to economic development for aerospace projects, with an emergency clause.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 620, RSMo, is amended by adding thereto one new section, to be known as section 620.2550, to read as follows:
620.2550. 1. As used in this section, the following terms shall mean:
(1) “Aerospace project”, a project undertaken on or after December 10, 2013 by or for the benefit of a qualified company with a North American Industry Classification System (NAICS) industry classification of 3364 involving the creation of at least two thousand new jobs within ten years following the approval of a notice of intent under section 620.2020;
(2) “Job creation, worker training, and infrastructure development programs”, the Missouri works program established under sections 620.2000 to 620.2020, Missouri business use incentives for large-scale development act established under sections 100.700 to 100.850, the Missouri works training program established under sections 620.800 to 620.809, and the real property tax increment allocation redevelopment act established under sections 99.800 to 99.865.
2. Notwithstanding any provision of law to the contrary, no benefits authorized under job creation, worker training, and infrastructure development programs for an aerospace project shall be considered in determining compliance with applicable limitations on the aggregate amount of benefits that may be awarded annually or cumulatively under such programs. No aerospace project shall be authorized for state benefits under job creation, worker training, and infrastructure development programs that exceed, in the aggregate, one hundred and fifty million dollars annually under all such programs.
Section B. Because economic development is vital for the continued success of the Missouri economy, this act is deemed necessary for the immediate preservation of the public health, welfare, peace, and safety, and is hereby declared to be an emergency act within the meaning of the constitution, and this act shall be in full force and effect upon its passage and approval.
[emphasis in original]
“…involving the creation of at least two thousand new jobs within ten years…”
That’s a requirement to create at least 200 jobs a year for ten years – with up to $150 million in incentives per year.
Does the math really work out? Just asking.