Wednesday, August 12, 2009

Governor Beshear publicly signs landmark business incentives bill in Owensboro

OWENSBORO, Ky. (Aug. 12, 2009) – Accompanied by community and business leaders in Owensboro, Gov. Steve Beshear today took part in a bill signing for House Bill 3, which includes new and expanded business incentive programs to encourage job growth and capital investment in Kentucky.

“This landmark legislation demonstrates Kentucky’s willingness to adapt to current economic conditions by updating the state’s economic incentive toolbox to reflect the needs of both new and existing businesses,” said Gov. Beshear. “We are committed to keeping our economic incentive programs on the cutting edge.”

The Incentives for a New Kentucky bill, sponsored by Rep. Tommy Thompson of Owensboro, streamlines and modernizes Kentucky’s business incentive programs including the consolidation of four long-standing programs, Kentucky Rural Economic Development Act, Kentucky Industrial Development Act, Kentucky Jobs Development Act, and Kentucky Economic Opportunity Zone Act, into a single, more flexible tax incentive program called the Kentucky Business Investment (KBI) Program.

The Governor chose the Owensboro River Park Center as a venue, since the facility has been successful in attatracting Broadway production companies assembling shows on the stage in Owensboro. House Bill 3 will provide incentives for creative industry development for programs like the one at the River Park Center as well as incentives for films and television production.