The Kentucky Economic Development Finance Authority board approved tax incentives Thursday for companies — including Churchill Downs, Corrisoft and Thoroughbred Houseboats — that are making or considering new investments in the state.
The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.
In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.
Here are selected board preliminary approvals, unless otherwise noted:
Corrisoft, Lexington: $3 million for an expansion of its Lexington office, which provides tracking, in-home monitoring and work-release options for jail sentences. The company would eventually employ 200 workers, earning an average of $42.06 an hour, including benefits.
Churchill Downs in Louisville: $1 million in incentives for a $4 million expansion. Chairman and CEO Bob Evans said in a statement that the additional Louisville jobs would be tied at least in part to Churchill's hopes to offer Internet gambling as its legality is clarified. The project would eventually employ 50 workers, with a wage including benefits of $81 an hour.
PTC Seamless Tube Corp., Hopkinsville: $12 million in incentives for PTC Seamless Tube Corp., a producer of seamless tube products used in drill pipes, casings and pipelines, to re-open a plant in Hopkinsville. The plant would eventually employ 283 people, earning an average of $22 an hour, including benefits.
M&M Cartage, Louisville: $650,000 in incentives to move its headquarters and build a new fleet hub in Louisville. The company would eventually employ as many as 45 people, earning an average of $22 an hour, including benefits.
Caudill Seed Co.'s Whole Alternatives subsidiary in Louisville: $250,000 to add additional food-packaging machinery and food-handling equipment to eventually employ as many as 25 people earning an average of $15.25 an hour, including benefits.
Thoroughbred Houseboats, Monticello: $225,000 for a start-up division, Thoroughbred Renovations. The company would eventually employ 30 people, earning $17 an hour, including benefits.
Trilogy Health Services, Louisville: $300,000 in incentives for an expansion of the senior living and long-term health care services headquarters. The company would eventually employ 25 workers earnings an average hourly wage of $30, including benefits.