The Kentucky Economic Development Finance Authority gave preliminary approval for tax incentives Thursday for companies including NACCO Materials Handling Group of Madison County. The approval outlines the state's commitment to a project should it occur in Kentucky.
The company proposes investing in a new counterweight paint system to improve safety and productivity. NACCO said the investment would preserve jobs and contribute to continued growth. The company plans to spend $4.1 million and would receive tax incentives of $2 million.
Other regional companies receiving preliminary approval for incentives include:
Vuteq USA of Georgetown, which assembles automotive window frames, glass and car accessories. The company is considering expanding its plant in Georgetown. It would spend $5.5 million, with tax incentives of $100,000.
Alliance Coal of Lexington, which provides administrative services for its parent company, Alliance Resource Partners. The company is expanding its office space. It will spend $8.3 million and will be eligible for $400,000 in tax incentives.
OrionRX Kentucky LLC is considering establishing a central-fill pharmacy in Louisville. It plans to spend $2.9 million and is eligible for $320,000 in tax incentives.
Stantec Consulting Services of Lexington plans to consolidate two of its three offices in Kentucky into one headquarters. The company would spend $2.5 million and be eligible for $450,000 in tax incentives.
Dr. Schneider Automotive Systems Inc. of Russell Springs, which produces vent and trim systems for cars, wants to establish its first wholly owned U.S. subsidiary to manufacture parts for companies including Ford, BMW and Mercedes. It will spend $29.4 million and is eligible for tax incentives of $4 million.
Vogelsang Corp. of Mount Sterling plans to consolidate its U.S. chassis production in a new plant, also in Mount Sterling. The company plans to spend $2.5 million and is eligible for tax incentives of $500,000.
Quest Industries of Elizabethtown, a bottle decorator for high-end alcohol, beverage and personal-care industries, has a customer base in Kentucky and plans to be near the bourbon industry for a new project that will include buying a building and adding equipment. The company plans to spend $4.8 million with incentives of $900,000.
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.