Elimination of property taxes on non-commercial aircraft prompts move
HEBRON, Ky. (Dec. 30, 2013) — Meyer Tool’s corporate aircraft fleet recently located at the Cincinnati/Northern Kentucky International Airport (CVG) as a result of the elimination of the property tax on non-commercial aircraft by local taxing districts in Boone County, the Northern Kentucky Tri-County Economic Development Corp. announced today.
“We want to make CVG a competitive location for businesses using non-commercial aircraft,” said Judge-Executive Gary Moore and past-chairman of Northern Kentucky Tri-ED. “We believe the elimination of this tax will help attract new corporate planes, from sizeable corporate HQ operations, informatics-oriented firms and large-scale manufacturing companies, to CVG.”
“I’m a lifelong Northern Kentucky resident and have served in various capacities on the Kenton County Airport Board over the last 20 years, including as chairman from 2001 to 2002,” said Meyer Tool President Arlyn Easton. “I’m very proud to bring Meyer Tool’s corporate aircraft to CVG and help create new jobs in our community.”
With the exemption in place, Meyer Tool will bring approximately eight full-time jobs to CVG for the two corporate jets it owns and operates. Meyer Tool also has expanded its workforce at the Meyer Tool Cox Plant in Erlanger with 28 new jobs in Boone County in 2013.
Meyer Tool, a high-tech manufacturing company supplying a variety of precision components to the aerospace and gas turbine engine industries, has invested $4.79 million in its Northern Kentucky operation, which employs approximately 152 full time employees.
“We are striving at many levels to make CVG more competitive in its service to both residents and the corporate community in Cincinnati and Northern Kentucky,” said CVG CEO Candace McGraw. “The elimination of the personal property tax on non-commercial aircraft in Boone County will help us attract new corporate fleets and create new jobs for our region.”
“In the past few years, we have lost potential economic development projects because of the non-commercial aircraft tax in Boone County,” said Dan Tobergte, president and CEO of Northern Kentucky Tri-ED. “The elimination of the tax and the available land at CVG strengthen the airport’s role as a major asset in our efforts to attract corporate aircraft to CVG, from a broad range of targeted industries, and create new jobs in Northern Kentucky.”
Northern Kentucky Tri-ED worked closely with the Boone County Fiscal Court and the respective taxing jurisdictions in Boone County, which include the Boone County Board of Education, Boone County Extension Service, Boone County Library District, the Hebron Fire District and the Northern Kentucky Health District, to eliminate personal property known as aircraft, not used in the business of transporting persons or property for compensation or hire, as an item that is taxed and assessed per KRS 132.200 section (18).