The Kentucky Economic Development Finance Authority board, at its monthly meeting Thursday, approved tax incentives for U.S. Smokeless Tobacco, B-Dry 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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U.S. Smokeless Tobacco Co.: The Richmond, Va.-based subsidiary of tobacco company Altria that makes Copenhagen and Skoal, among other products, proposes a new $117.7 million plant in Hopkinsville to process smokeless tobacco products. Tax incentives of $4.5 million. The plant would hire 42 employees making $35 an hour including benefits.
EZ Portable Buildings: The Illinois company is considering moving to West Paducah and making a $1.25 million investment. Tax incentives of $375,000. The company would hire 90 employees earning $14.50 an hour including benefits.
Beckham Coulter: The medical devices company in Hebron proposes a $10 million investment to expand its facility. Tax incentives of $400,000. The company would hire 43 employees making $30 an hour including benefits.
FirstSource Group USA: The Louisville company that provides services including customer/data management and collections, is planning a $1.9 million investment for expansion. Tax incentives of $1.2 million. The company would hire 125 employees making $16.80 an hour including benefits.
B-Dry: The Knoxville-based company that does waterproofing and foundation repair is considering a corporate headquarters in Louisville and a $1.38 million investment. Tax incentives of $250,000. The company would hire 25 employees making $25 an hour including benefits.
Bendix Spicer Foundation Brake: The Ohio-based company is considering a $5.9 million expansion at its Bowling Green plant. Tax incentives of $500,000. The company would hire 43 employees making $22 an hour including benefits.