Business
12:42 pm
Mon July 2, 2012

Auto Industry Incentive Bill Signed

Kentucky Governor Steve Beshear has signed a bill into law that’s designed to spur investments in the state’s automotive and parts manufacturing facilities. The bill amends the 2007 Kentucky Jobs Retention Act to allow manufacturers involved in the auto industry to request incentives, regardless of their location in the state.

Representative Larry Clark of Louisville filed the bill. He says the Commonwealth has seen a great deal of success from the incentives package the General Assembly offered Ford in 2007, and the new legislation will “extend this deal to the state’s other assembly plants and large auto parts suppliers.”

Governor Beshear says more than  68,000 people in Kentucky are currently employed by  automotive-related industries. Ford has estimated that it will hire more than 3,000 employees as a result of incentives made available by the 2007 package.  House Bill 400 will officially take effect on July 12th.