Kentucky closing in on business investment record

April 28, 2017

36Pab,

FRANKFORT, Ky. (AP) – Kentucky is on the verge of surpassing its record for business investments, fueled by three separate billion-dollar announcements in the first quarter of 2017.

Those investments carry with them more than $195 million in tax breaks and other incentives for a state struggling to fix its pension system, which experts say is at least $35 billion short of what it will owe retirees over the next 30 years. But state officials say the companies only get most of that money if they meet their targets, which would generate more tax revenue for the state.

State economic development officials say 53 companies have pledged just over $5 billion on new facilities and expansions in Kentucky since January. The state’s record for a calendar year is $5.1 billion, set in 2015.