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Archive for Friday, March 9, 2012

Statehouse Live: Senate leaders propose tax incentives for bioscience, manufacturing businesses

March 9, 2012

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— Senate Republican leaders on Friday introduced tax incentives that they said will increase bioscience and manufacturing jobs to Kansas without harming the state budget.

The "Kansas Works" plan would allow bioscience companies relocating to Kansas to pay no income tax if they forgo other state tax incentives.

For manufacturing companies, it would tax the income of new businesses only on sales within the state.

Senate President Steve Morris, R-Hugoton, said the measures came from recommendations of his tax working group that met earlier this year, and are modeled after proposals made in South Dakota, which has been landing financial services companies, and Iowa's efforts to get insurance companies.

Morris said the proposals would reduce revenues to the state from $400,000 at first to $4 million. But Morris, Senate Vice President John Vratil, R-Leawood, and Majority Leader Jay Scott Emler, R-Lindsborg, said the loss would be offset by the benefit from increased jobs and economic activity.

The measures have been endorsed by 17 of the Senate's 32 Republicans. Senate Democratic Leader Anthony Hensley of Topeka said he supports the proposal too.

Senate leaders said the bioscience measure would build on the Kansas Bioscience Authority's mission to invest in research and development of start-up companies, and the Kansas University School of Pharmacy's high national ranking.

The manufacturing piece of the plan, they said, would provide a powerful financial incentive for companies to build and hire in Kansas and ship products out of state.

The "Kansas Works" proposal is contained in two bills that will be considered next week by the Senate tax committee.

Comments

JayhawkFan1985 2 years, 1 month ago

The best way for a state government to promote the economy is to build roads that goods can be moved on, educate children and college students and votech students so employers can find qualified employees to perform 21st century jobs, and to create a high quality of life by providing state parks, protecting natural resources and funding bike trails and transit to attract high tech jobs to the state because that is what employees in those industries are demanding. We need to stop offering tax incentives to narrow slices of the business sector as it does nothing to promote long term economic growth.

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Flap Doodle 2 years, 1 month ago

A habit obscene and unsavory Holds David Cay Johnston in slavery With lecherous howls He devours young owls That he keeps in an underground aviary

(from a source)

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Richard Heckler 2 years, 1 month ago

Business as usual.

They don't fund public schools and a variety of other important items but will give away our tax dollars to the tax dollar moochin wealthy campaign contributors. They will claim "job growth" without any hard evidence.

If tax incentives were great job creators no one would be without a job after 32 years of such nonsense.

Pulitzer Prize-winning journalist David Cay Johnston joins us to talk about his new book, "Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (And Stick You with the Bill)." Johnston reveals how government subsidies and new regulations have quietly funneled money from the poor and the middle class to the rich and politically connected.

We have created in the United States, largely in the last thirty years, a whole series of programs — a few of them explicit, many of them deeply hidden — that take money from the pockets of the poor and the middle class and upper middle class and funnel it to the wealthiest people in America.

And among the biggest recipients of these subsidies are the wealthiest family America, the Waltons; George Steinbrenner; Donald Trump; a whole host of healthcare billionaires as well as the local politically connected .

And these are policies that either have not been reported on or the news reporting on them generally has not informed people about what they really are.

http://www.democracynow.org/2008/1/18/free_lunch_how_the_wealthiest_americans

http://www.uua.org/events/generalassembly/2008/commonthreads/115777.shtml

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