A bill that would give tax incentives to Kentucky auto manufacturers and related businesses is a few steps away from becoming law.
State Representative Larry Clark is the sponsor of House Bill 400. The bill would re-open a 2007 law that gave Ford Motor Company tax incentives. Those incentives encouraged a one billion dollar investment at Ford’s two Louisville plants.
Clark says the current bill would immediately extend similar tax incentives to at least five companies that currently operate in Kentucky.
“North America Stainless Steel, Ford Motor Company, Toyota, and General Motors has 960 people so they’re about 40 people short but I’m sure they can get there, Akebono Brake Company would be qualified. So there are the four or five plants that probably under this act would be eligible,” he says.
To qualify, businesses must be willing to invest $100 million in their Kentucky locations, they must have one thousand employees and they must have been in business five years.
The bill passed a Senate committee unanimously today. It was also put on the consent calendar, all but assuring passage of the full Senate.