The Kentucky Economic Development Finance Authority board approved tax incentives for companies considering new investments in the state at its monthly meeting Thursday.
In general, when a company accepts the tax incentive, it may keep that amount of money, which it otherwise would pay in taxes, assuming it fulfills the terms of the deal. Here are selected board preliminary approvals, unless otherwise noted:
■ Gimat in Lexington, final approval of $550,000 to open a nanomaterials research site. The company estimates the project will cost $1.6 million. It is expected to add 50 jobs that pay an average hourly wage of $22, including benefits.
■ MediVet America in Nicholasville, $93,000 to build a lecture hall and office next to its veterinary technology center. The company estimates the expansion will cost $2.48 million. This tax incentive program does not require job creation.
■ Denyo Manufacturing in Danville, final approval of $783,000 to build an additional plant to house a new process for manufacturing industrial electric generators. The company estimates the expansion would cost $6.85 million. This tax incentive program does not require job creation. Instead, 91 of 109 existing jobs must be retained.
■ Nisshin Automotive Tubing in Versailles, $75,000 to expand its plant that manufactures stainless steel tubes for automotive exhaust systems. The company estimates the expansion will cost $2.12 million. This tax incentive program does not require job creation.
■ Olympic Steel in Mount Sterling, final approval of $2.5 million to locate a steel service center. It is expected to add 60 jobs within three years that pay an average hourly wage of $12.60, including benefits.
Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz.