"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi

Bombardier Bombing?

April 30th, 2008 by mopns · No Comments

Seems the grassroots effort to defeat the Bombardier tax credit orgy bill has ran into a few obstacles. From Prime Buzz:

The Senate Fiscal Oversight Committee this morning rejected a bill creating the tax-credit program that Bombardier Aerospace would use to bring an aircraft-assembly plant to Kansas City.

The committee voted 5-to-2 against passing the bill . If lawmakers had voted in favor, the bill would’ve moved to the Senate Floor for debate.

“If you look at the dynamics that are happening, the current proposal as is does not look to have the level of support necessary to pass,” said Sen. Brad Lager, vice-chairman of Fiscal Oversight, noting that a House committee on Wednesday had also rejected a bill including the Bombardier legislation.

We guess Legislators are scratching their heads too on why a company that is doing as well as Bombardier needs tax credits. From yesterday’s post:

The company reported revenue of $5.3 billion for its fiscal fourth quarter ended Jan. 31, up 20.5% from the year-earlier period. Revenue for the year reached $17.5 billion, up 14.9% from the previous year.

Net income for the quarter was $218 million, or 12 cents per diluted share, up 94.6% from the year-earlier period. Income for the year rose 18.3%, to $317 million, or 16 cents per diluted share, from the previous year.

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Tags: MO Legislature

0 responses so far ↓

  • 1 calle // Apr 30, 2008 at 3:05 pm

    Great news. We shouldn’t have even entertained this crazy deal…as far as I can tell, Bombardier wants to assume as little risk as possible and leave the rest to us.

  • 2 Jackson // Apr 30, 2008 at 9:33 pm

    Will I get an opportunity to vote on Bombardier board of directors? It seems that if I as a taxpayer am going to be making such a large investment in one company, $240m is still very large, then it seems I as a taxpayer should be a stockholder and get to vote on the board of directors of Bombardier.

    I would bet a $240m investment is as much as any of the board or officers has made individually.

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