The Kentucky Economic Development Finance Authority board Thursday approved tax incentives for companies, including Omnicare and Beam, that are considering new investments in the state. In general, when a company accepts the tax incentive, it may keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.
■ Xact Associates in Lexington, $300,000 to lease a site for the new telecommunications services firm. The company estimates a cost of $1.57 million. It is expected to add 20 jobs with an average hourly wage of $35, including benefits.
■ Beam in Louisville, $2 million to open a global business services center to support finance, accounting, human resources and other functions for the bourbon company. The company estimates a cost of $4.7 million. It is expected to add 60 jobs that pay an average hourly wage of $43, including benefits.
■ Omnicare in Glasgow, $300,000 to expand its pharmacy-related distribution facility. The company estimates the expansion will cost $15.7 million. It is expected to add 42 jobs that pay an average hourly wage of $18, including benefits. The company also received approval for $300,000 in incentives under a different program.
■ Industrial Concepts in Georgetown, $200,000 to expand its custom equipment manufacturing operation. The company estimates the expansion will cost $610,000. It is expected to add 10 jobs that pay an average hourly wage of $25, including benefits.
J.H. Fletcher & Co. in Wurtland, $450,000 to open a facility to manufacture underground drilling, roof support and other mining equipment. The company previously estimated a cost of $3.37 million. It is expected to add 15 jobs that pay an average hourly wage of $18, including benefits.
The board approved reductions in the state ad valorem tax rates in connection with up to $187 million in industrial revenue bonds being issued by Marion County Fiscal Court to benefit Maker's Mark Distillery, which is building six warehouses. The project is expected to create two new jobs and maintain 78. Projected tax savings include $7.6 million to the state and $7.7 million to the local government.