Kentucky Legislators Pass Incentive Bill Targeting Megaprojects

End of extra unemployment benefit and hiring companies |  The business

“These are the kinds of big ideas and projects and prospects that we should be supporting in a bipartisan manner,” Republican Senate Majority Floor Leader Damon Thayer said. The measure aims to strengthen Kentucky’s ability to prevail against competing states that “write a check upfront” in trying to attract such massive projects, Thayer said.

The $410 million economic development package, requested by Gov. Andy Beshear, won legislative approval on the third and final day of a special session focused on COVID-19 issues. The governor quickly signed the measure into law Thursday night, his office said. Projects topping $2 billion would be eligible for the incentives. Beshear has said the state is pursuing at least five projects of that magnitude. The Democratic governor picked up solid support from Republican lawmakers to sweeten the state’s offer in trying to land the mega-sized projects. Hours after the bill cleared the Senate, it won final passage in the House as lawmakers worked into Thursday night. Republicans have overwhelming majorities in both chambers.

The incentives in the bill include up to $350 million in forgivable state loans and $50 million for worker training. The money would come from the state’s budget reserve trust fund, which now has nearly $2 billion. That fund is necessary to shore up the state in bad times, but it has another purpose reflected in the economic development measure, Republican Rep. Jason Petrie said.

“It’s also for the good times, when opportunities come through and you have the wherewithal to take advantage of it when it presents itself to you,” Petrie said. Rocky Adkins, the governor’s senior adviser, has said multiple Kentucky sites are drawing interest. But much of the attention has revolved around a Hardin County tract. The Glendale site was offered two decades ago when Kentucky unsuccessfully tried to land a Hyundai auto manufacturing plant that ultimately located in Alabama. Glendale is about 50 miles (80 kilometers) south of Louisville.

Republican Sen. Paul Hornback on Thursday balked at the amount of the incentives being offered in opposing the measure. “I’ve got a lot of companies in my community that have been there for 20, 30, 40 years, great contributors to the community … that have never gotten any incentives,” Hornback said. During the House debate, Republican Rep. Russell Webber said the incentives package gives Kentucky a “great opportunity.” But the bill includes safeguards and oversite provisions to protect the investments and guarantee lawmakers are able to monitor the incentives program, he said.

The News Highlights

  • Kentucky Legislators Pass Incentive Bill Targeting Megaprojects
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
What’s New in Chrome 94 for Android, macOS, Windows, and Linux
What’s New in Chrome 94 for Android, macOS, Windows, and Linux
The update for Google Chrome was announced through a blog post on September 21. Chrome 94 introduces HTTPS-First mode. It is available in Chrome for desktop ...
Nigeria-Born Designer Joy Meribe Unwinds Milan Fashion Week
Nigeria-Born Designer Joy Meribe Unwinds Milan Fashion Week
The Italian National Fashion Chamber tapped Meribe to open six days of womenswear previews for Spring-Summer 2022 after her inaugural collection for the “We ...
Quantic Dream Is Making A Star Wars Game
Quantic Dream Is Making A Star Wars Game
Kotaku has heard the same from a third, separate source with knowledge of the studio’s development plans. According to this individual, Quantic Dream has ...
Penn Street businesses hopeful about CollegeTowne
Penn Street businesses hopeful about CollegeTowne
“We center every the instance of the intense things event here, but the actuality of the concern is, there’s a aggregation of enthusiastic things happening,” ...
This November, the ‘Disney Classic Games Collection’ will include The Jungle Book and SNES Aladdin
This November, the ‘Disney Classic Games Collection’ will include The Jungle Book and SNES Aladdin
As spotted on the French publisher Just For Games’ website, a new collection is said to be arriving this November, delivering both previously mentioned ...
Demandforce introduces Demandforce Phone, a smart phone system that helps front-office employees save time and increase productivity
Demandforce introduces Demandforce Phone, a smart phone system that helps front-office employees save time and increase productivity
Demandforce Phone’s unique LivePop feature is a supercharged Caller ID that automatically displays critical patient/customer information for every call ...
In Pictures: Apple’s iOS 15 upgrade makes some changes to Android features as well
In Pictures: Apple’s iOS 15 upgrade makes some changes to Android features as well
Copy of 048003-01-02-1623142168250 This year’s update, the iOS 15, went live on Monday. With subtle and aesthetic new features, iOS 15 seems to have even ...
Renton Police Warn About Phone Scammers Impersonating Officers
Renton Police Warn About Phone Scammers Impersonating Officers
“I realize many of us know these are scam calls,” wrote Sandra Havlik, community programs coordinator for Renton police. “However, these callers can be very ...
Energy Transition Comes at a Huge Price –  News Leader in Italy
Energy Transition Comes at a Huge Price – News Leader in Italy
(Reporting by Giuseppe Fonte, writing by Angelo Amante; Editing by Crispian Balmer) ($1 = 0.8530 euros) Bonomi said the real challenge for Italy would be to ...
Del Rio Farmers, Entrepreneurs: Some Migrants Are Destroying Our Properties
Del Rio Farmers, Entrepreneurs: Some Migrants Are Destroying Our Properties
Martinez said that community members are scared and he’s advising them to get advice on how to protect their families.  According to Martinez, it’s not ...
Show next
Compsmag - Latest News from tech, business and health
Logo