On November 6, 2007, the Wichita City Council considered and approved a request by Learjet for industrial revenue bonds. One of the benefits of IRBs such as these is that the property purchased with the proceeds is usually exempt from property tax. In this case, the period of tax abatement is ten years.
In the minutes of the meeting, under the heading “Economic Vitality and Affordable Living” we can read: “Granting an ad valorem property tax exemption and sales tax exemption will encourage the business to create new job opportunities and stimulate economic growth for the City of Wichita and Sedgwick County.”
Wow! Someone in city hall realizes that a reduction in taxes is good for business, and is reducing taxes in response to that revelation.
Now if all businesses and individuals could have lower taxes — instead of only those who lobby government for special favor — think how nice that would be. The economic benefit that this tax reduction will bring to Learjet could be felt across our entire city.