Business

Tax incentives OK'd for expanding companies, including Jim Beam

The Kentucky Economic Development Finance Authority board approved tax incentives for companies considering new investments in the state, including Jim Beam Brands and Total Quality Logistics, at its monthly meeting, on Aug. 30. 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:

■ Beverage maker Jim Beam Brands in Frankfort, final approval of $6.3 million for an expansion of its manufacturing facility. The company estimates the expansion will cost $28.05 million. It is expected to eventually add 121 jobs that pay an average hourly wage of $30, including benefits.

■ Total Quality Logistics in Lexington, $800,000 to move its facility to house sales and service workers. The freight brokerage company arranges transportation of full truckload shipments of goods. The company estimates the expansion will cost $1.76 million. It is expected to add 75 jobs that pay an average hourly wage of $20, including benefits.

■ Nitto Denko Automotive Kentucky in Lexington, $400,000 for the automotive supplier to lease a third location in Lexington. The company estimates the expansion will cost $2.49 million. It is expected to add 23 jobs that pay an average hourly wage of $18, including benefits.

■ Continental Refining Co. in Somerset, $500,000 to purchase equipment to meet certain diesel standards in refining. The company estimates the expansion will cost $4 million. It is expected to add 17 jobs that pay an average hourly wage of $21, including benefits.

■ E.D. Bullard Co. in Cynthiana, $300,000 to purchase a new enterprise resource planning system to help meet continued growth expectations. The company estimates the expansion will cost $1.09 million. It is expected to add 10 jobs that pay an average hourly wage of $15, including benefits. The company also was approved for $30,000 in incentives under a different program.

■ Nifco America in Shelbyville, $70,000 to increase capacity at its injection molding and assembly plant. The company estimates the expansion will cost $2.96 million. This tax incentive program does not require job creation.

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