Missouri state house revives China hub tax break bill, but passage in doubt
2012 04 24
- Details
THE Missouri legislature has revived a bill recreating tax breaks for exports shipped out of Lambert-St Louis International Airport after a similar measure to build a China air cargo hub to rival Chicago was rejected.
The lower house has given initial approval to legislation authorising up to US$60 million in tax credits over several years for companies that coordinate exports through the airport, reported The Associated Press.
The bill to recreate a China air cargo hub, needs another lower house vote to move it to the state senate, but prospects of tax credits passing in the upper house remain shaky, said the report.
Shanghai-based China Cargo Airlines ran two flights, but did not return in November after making it clear their continued participation depended on tax breaks. The Chinese carrier has a two-year lease on a building and ramp space at Lambert.
China Cargo uses China Eastern Airlines route structure. It is a joint venture of China Eastern (51 per cent) and Cosco (17 per cent) and Singapore Airlines Cargo (up to 16 per cent) and Taiwan's EVA Air (16 per cent).
During a special session last fall, the proposed tax breaks for air cargo exports were a central part of a massive plan to overhaul Missouri's business incentives. But that plan never passed because the two houses could not agree on terms, said AP.
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