Statistics released by the state show that nearly 230 companies have received preliminary approval through one or more of Kentucky’s new or expanded economic development incentive programs.
The business incentive programs – which include the Kentucky Business Investment Program (KBI), the Kentucky Reinvestment Act (KRA) and the Kentucky Enterprise Initiative Act (KEIA) – are a result of the Incentive for a New Kentucky (INK) legislation passed by the Kentucky General Assembly in 2009.
Of the 229 projects receiving preliminary approval by the Kentucky Economic Development Finance Authority (KEDFA) for one or more of the INK-related programs, 223 are considered active projects that have either announced or are still considering an investment in Kentucky.
According to the state, these projects represent a potential investment of more than $2 billion across the commonwealth and could create more than 13,500 jobs, while helping to retain nearly 4,800 existing Kentucky jobs.
The 229 projects preliminarily approved through KBI, KRA or KEIA represent a nearly 53 percent increase in the number of companies receiving preliminary approval through pre-INK incentive programs in the 18 months prior to the implementation of INK.
An online searchable database of financial incentives is available at thinkkentucky.com/fireports/fiintro.aspx.