Governor Steve Beshear has signed a bill into law that gives tax incentives to automakers in Kentucky. The new law allows manufacturers and suppliers to tap the incentives if they have 1,000 employees, have been in business in Kentucky for at least five years and are willing to invest $100 million in the state.
The law is an extension of a 2007 program that allowed Ford to invest more than one billion dollars into its two Louisville plants to expand the workforce there and re-tool assembly lines.
Toyota Kentucky spokesman Rick Hesterberg says the incentives will also help if Toyota decides to build a new plant or a new model of car in the U.S. He also predicts the new law will lure more auto suppliers to Kentucky.