A major tax break for a major project takes its first step.
A tax abatement for Boeing's proposed $1.8 billion expansion in north St. Louis County was introduced in the County Council without comment Tuesday night.
listen online to kmox
It followed a Committee of the Whole meeting where it was discussed. Rodney Crim of the St. Louis Economic Development Partnership pushed for the tax break. "This is a very competitive process," Crim told the council, "winning this project helps us build on the previous win for our region."
But Councilman Dennis Hancock asked the question about the Chapter 100 tax break, "we've heard 50% tax abatement on real property and personal property. Anybody have an estimate on how many dollars we're talking about?"
One estimate is about $155 million in new tax revenues, along with an equal amount in a tax break. A Boeing representative said the company needs the Chapter 100 tax break to keep Pentagon contracts competitive.
@2023 Audacy (KMOX). All rights reserved.