Wednesday, July 20, 2011
Reports: Legislative Leaders Approve Subsidies for China Hub
By Chad Garrison
on Wed, Jul 20, 2011 at 1:07 PM
provide $360 million in tax credits
to subsidize construction and flights for a proposed cargo hub at Lambert St. Louis International Airport.
The full legislature would have to approve the measure in a special session this summer. House Speaker Steve Tilley and Rob Mayer, Senate president pro tem, got to the agreement by capping tax credits elsewhere
, particularly for historic and low-income developments.
The hub would begin receiving three flights a week from China and send three planes full of U.S. goods to China each week.
Let's see. That adds up to six flights a week. Six times 52 equals 312 flights a year. Divide that into $360 million and the subsidies for each flight in the first year would be a scant $1.1 million per airplane. Hmm.
Word is that Republican leaders in the Missouri House and Senate have hammered out a deal to