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Commerce tells lawmakers 2025 was a record year; members press for ROI details on Panasonic and tax incentives
Summary
Deputy Secretary Joshua Jefferson told the committee Commerce closed 275 projects in 2025, creating or retaining more than 12,000 jobs and attracting roughly $9.5 billion in private capital. Lawmakers pressed for data on incentive caps, HPIP credits and where Panasonic relocation payments and payroll rebates flowed.
Deputy Secretary Joshua Jefferson told the Joint Commerce Committee that 2025 was "a record year for Kansas," with 275 projects closed, more than 12,000 jobs created or retained and about $9.5 billion in committed private capital.
Jefferson called out major investments including a global fintech hub by Fiserv in Overland Park and Merck Animal Health in DeSoto, and summarized the department—s incentive suite: PEAK (allowing retaining up to 95% of withholding taxes for recruited employees), HPIP (a 10% credit tied to capital investment thresholds, with a 16-year carryforward), the Job Creation Fund (JCF), and rural programs such as Rural Opportunity Zones.
Jefferson also discussed Apex-related incentives tied to the Panasonic development, saying the agreement included payroll rebates and relocation reimbursements and that local benefit streams will support a new fire station and other infrastructure. "There is, for relocation incentive associated with that, there's over 1000000 dollars of relocation, incentives paid by Panasonic..." he said.
Why it matters: Commerce incentives are a central lever for state economic development, and lawmakers repeatedly requested more transparent return-on-investment calculations and distribution details for large awards.
Committee concerns and follow-up: Lawmakers asked who financed an independent economic-impact study, how close PEAK is to its cap, how many HPIP credits have been claimed, and detailed questions about the $3 billion spend and $377 million in tax credits tied to Panasonic. Jefferson said several of those figures were not at hand but that the department would provide follow-up and that ROI calculations will be available after one year of operations (he referenced an availability date in January following the first year of operations).
Other notes: Jefferson flagged programs set to sunset this year (star bonds, Angel Investor Tax Credit) and said Commerce will seek legislative action to extend some of those sunsets and will provide annual program data in January.
No formal votes or motions were taken during the presentation; members requested additional reports and transparency updates.
