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Minutes for SB347 - Committee on Commerce
Short Title
Enacting the attracting powerful economic expansion act to provide for tax and other incentives for projects in specified industries, or for national corporate headquarters, that involve a significant capital investment, including a refundable tax credit for a portion of the investment, reimbursement of certain payroll costs and training costs, retention of certain payroll withholding taxes, a sales tax exemption for project construction and a property tax incentive for projects located in a foreign trade zone.
Minutes Content for Thu, Jan 20, 2022
Chair Erickson reconvened the hearing on SB 347.
Eric Stafford, Vice President of Government Affairs, Kansas Chamber, spoke in support of the bill. (Attachment 1) The proposed legislation is unique and aggressive because not only would the primary company seeking investment in our state qualify when meeting certain obligations, but so would their suppliers.
Dave Trabert, Chief Executive Officer, Kansas Policy Institute, spoke in opposition to the bill. (Attachment 2) Kansas Policy Institute oppose the bill because it is unfair to other businesses, subsidies are pat of the reason Kansas has the highest effective tax rates on mature businesses, harder for Kansas companies to hire employees, if subsidies worked, Kansas wouldn't be in its fifth straight year of economic stagnation, and the bill gives Department of Commerce far too much discretion and provides little protection for taxpayer.
Chair Erickson closed the hearing on SB 347.
