The Kentucky Economic Development Finance Authority board, at its monthly meeting Thursday, approved tax incentives for Heritage Millworks, Mitsui Kinzoku Catalysts America and other companies that are 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:
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Heritage Millworks in Clay City, $2.5 million in tax incentives for a potential $6.9 million project to buy the existing Red River Hardwoods building for production of solid wood moldings and other millwork products. The project could bring as many as 130 jobs with an average hourly wage of $13 an hour, including benefits. The project qualifies for an additional $80,000 in incentives based on its $1.4 million building construction cost.
Mitsui Kinzoku Catalysts America in Frankfort, $50,000 in incentives for a $15.2 million project to make catalytic converters for cars and motorcycles. No job targets were reported.
Stoody Co. in Bowling Green, $200,000 in incentives on a $1.9 million project to expand and increase production of its hard-facing and high-alloying welding products for international markets. The expansion would create 10 jobs with an average salary of $24 an hour, including benefits.
Portwest in Shepherdsville, $1 million in incentives for a $4.3 million project to establish the workwear and safety gear designer and manufacturer's first North American operation, a distribution center. The project would create as many as 100 jobs, with an average hourly wage of $18, including benefits.
Taylor Law PLLC in Jeffersontown, $500,000 in tax incentives on a $844,570 investment for expansion of its collection call center. The expansion would include as many as 100 jobs, with an hourly wage of $21.50, including benefits.
Mesa Foods of Louisville, $700,000 in tax incentives on a $4.9 million project to expand its production of tortillas, taco shells, corn chips and flatbreads. An anticipated 83 jobs will be added, with wages of $14 an hour, including benefits.
Hendrickson USA in Elizabethtown, $1.5 million in tax incentives for a $13 million project to build a fabrication operation for the company, a manufacturer of heavy duty commercial trailer and truck suspensions. The company anticipates the creation of 75 jobs, with an hourly wage of $20, including benefits.
American Howa in Bowling Green, $900,000 in tax incentives for a $11.4 million project to expand its plant, where the company makes auto headliners and dash insulators for companies including Toyota, Honda and Nissan. The company expects 86 additional jobs, making $18.09 an hour, including benefits.