If St. Louis County approves the incentives, Boeing would save an estimated $10.8 million per year in real and personal property taxes over 10 years. This amounts to a total tax savings of $108 million over the 10-year period.
The incentives would be in the form of a tax abatement, which means that Boeing would not have to pay taxes on half of the project’s value. The county would still collect taxes on the other half of the project.
The incentives are being offered in an effort to attract Boeing to St. Louis County. Boeing is considering building a new plant in the county, which would create thousands of jobs. The county estimates that the plant would generate $10 billion in economic activity over 20 years.
The incentives have been met with some criticism, with some people arguing that they are too generous. However, the county argues that the incentives are necessary to compete with other states that are also offering incentives to attract Boeing.
There are a variety of people and entities who pay taxes in St. Louis County. These include:
- Property owners: Property owners pay property taxes on the value of their homes, businesses, and other real estate.
- Residents: Residents pay sales taxes on most goods and services they purchase.
- Businesses: Businesses pay sales taxes on the goods and services they sell, as well as a variety of other taxes, such as income taxes, payroll taxes, and franchise taxes.
- Employers: Employers pay unemployment insurance taxes, workers’ compensation taxes, and other taxes on behalf of their employees.
- Non-profit organizations: Non-profit organizations may be exempt from some taxes, but they may also be required to pay others, such as sales taxes and property taxes.
