Economic Development
As manufacturers look to locate and expand new operations, state and local governments partner to support growth through discretionary state incentives. These tax incentives can help manufacturers hire and train new employees while improving cash flows on site.
State and local governments offer discretionary tax incentives to support economic growth within their ecosystems. If you’re planning on adding jobs, a new facility or additional equipment, these incentive programs provide value for your company’s planned expansion.
Kentucky has recently incentivized projects that include:
Manufacturing company building a new facility – New facilities, including distilleries, should have a real and/or personal property tax abatement in place prior to placing the facility in service.
New-to-market distilleries – Kentucky loves their bourbon and has actively supported these projects through sales tax rebates and tourism tax incentives.
The value of these incentive savings can be significant to your business. If your company is considering any of these business scenarios, let Cornerstone Strategies help you evaluate the potential for state and local incentives as part of your expansion process.
Sierra Enlow
Managing Partner of Economic Development
Cornerstone Strategies