Kentucky lawmakers looking at new economic development incentives
New legislation co-sponsored by Owensboro representative Tommy Thompson will modify existing economic development incentive programs and introduce new programs, such as the long awaited incentives for film production. House Bill 229 also sponsored by Rep. Ruth Ann Palumbo (D-Lexington), was filed in the House of Representatives this week.
The bill intends to greatly simplify Kentucky's array of incentive programs by combining several into one program. The measure seeks to promote greater retention of existing manufacturing jobs while also focusing on luring high tech and office headquarters to the state with new incentives to companies making investments in technology and communications. The bill emphasizes the importance of employers supporting employees seeking educational opportunities by providing tax credits for tuition.
The film incentive allows for the recovery of up to 20 percent of qualifying expenses and payroll of feature-length films, television shows, documentaries, and commercials made in the state.
Additionally, the bill increases the tax credit cap on downtown historic preservation investments. For more information about the proposed legislation, please go to the following link: HB 229