SLADE, Ky. (Sept. 23, 2014) – Governor Steve Beshear today ceremonially signed legislation that expands incentives for tourism projects in rural counties.
“Since the Kentucky Tourism Development Act was approved in 1996, more than $1 billion has been invested in Kentucky tourism attractions,” Gov. Beshear said. “This legislation will help encourage tourism development in rural parts of Kentucky.”
House Bill 493, passed in the 2014 General Assembly, made two major changes to the tourism incentive law for projects in “enhanced incentive counties.”
The minimum investment required is reduced from $1 million to $500,000, and the maximum incentive increases from 25 percent to 30 percent.
The incentive is based on the amount invested and is in the form of a tax rebate after the project is built and operating.
There are currently 77 counties across the state considered “enhanced incentive counties.”
“Sponsoring the Kentucky Tourism Development Act back in 1996 was one of the chief highlights of my career in the General Assembly, and I’m proud that it has led to more than $1 billion being invested since then,” said House Majority Floor Leader Rocky Adkins, of Sandy Hook. “My House Bill 493 adds to those gains by enticing developers to build the next generation of tourist destinations here in Eastern Kentucky. My hope is this law will do for our region what the Tourism Development Act has done elsewhere in the commonwealth.”
The tourism incentives are administered through the Kentucky Tourism Development Finance Authority, part of the Tourism, Arts and Heritage Cabinet. For more information, visit www.tah.ky.gov.