Wednesday afternoon, a consortium of legislators and private business investors announced the passage of the Technology-enabled Fiduciary Financial Institutions Act; that would root a budding financial industry in Kansas. This new financial industry, under the direction of new legislation, would inject millions of dollars in cash into the economic development of rural Kansas communities. Hesstonian Rep. Stephen Owens was approached by Brad Heppner, a five-generation Hesstonian and business mogul, about the opportunity to grow the financial sector in Kansas, and inject cash into the economic development of rural communities. Owens explained, rather than Technology-enabled Fiduciary Financial Institutions (TEFFI) paying the state privilege tax – an income tax paid by financial institutions – “that money is invested in economic growth zones in Kansas, which represents 77 of the most rural counties in Kansas.” Heppner’s company, Beneficient, will be the charter TEFFI established in Hesston. It is projected to bring $9 million in economic development dollars to Hesston within the next 12 to 24 months.
Source: Harvey County Now
