The Kentucky Economic Development Finance Authority board Thursday approved tax incentives for Galmont Consulting in Lexington and other companies considering and making 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 final approvals by the board:
■ Galmont Consulting, $800,000 to open a software testing facility. The company estimated it would cost $1.3 million. It was expected to add 90 jobs that pay an average hourly wage of $20, including benefits.
■ A. Raymond Tinnerman Manufacturing in Flemingsburg, $1 million to manufacture automotive parts. The company estimated the expansion would cost $1.97 million. It was expected to add 52 jobs that pay an average hourly wage of $18, including benefits.
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■ Tri-State Laboratory Services in Pikeville, $500,000 to open a facility to analyze air, water and soil samples. The company estimated a cost of $1.76 million. It was expected to add 19 jobs that pay an average hourly wage of $16, including benefits.
Here are selected preliminary approvals:
■ iPay in Elizabethtown, $900,000 to expand a customer support center for its electronic bill pay operations. The company estimates the expansion will cost $1 million. It is expected to add 40 jobs that pay an average hourly wage of $17, including benefits.
■ MAGS II in Corbin, $10 million for the start-up company to open a coal gasification facility. The company estimates it will cost $113.71 million. It is expected to add 53 jobs that pay an average hourly wage of $22.06, including benefits.
■ The Freeman Corporation in Winchester, $500,000 to expand its hardwood manufacturing operations. The company estimates the expansion will cost $3.44 million. It is expected to add 32 jobs that pay an average hourly wage of $17, including benefits.
■ Montebello Packaging in Lebanon, $2.07 million to expand production of aluminum aerosol and beverage containers. The company estimated the expansion would cost $22.4 million. It is expected to add 26 jobs that pay an average hourly wage of $20, including benefits.
■ Boyd Mining in Mount Sterling, $225,000 to open a fabrication shop for mining equipment. The company estimates the new shop will cost $950,000. It is expected to add 15 jobs that pay an average hourly wage of $28, including benefits.
■ Nelson Brothers in St. Paul in Lewis County, $300,000 to open a manufacturing facility for blasting materials to be used in the mining industry. The company estimates the new plant will cost $15 million. The tax incentive program does not require job creation.
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