Commentary: 4 misconceptions about Kentucky’s economic development incentives
10 Sep 2020
Kentucky has a wealth of economic development credits and incentives to attract and support businesses as they add jobs, purchase new property, improve processes or look to expand. Business owners contemplating expansion often fail to take advantage of the many state-offered programs because they misunderstand how they work and how they benefit both the company and the community.
Economic development credits and incentives pay off for companies investing and creating jobs in the commonwealth, which means many growth-oriented businesses have expansion projects that may be incentivized. However, businesses cannot realize these incentives unless they apply.
Having worked on both the public and private side of economic development, I’ve seen a number of misconceptions that consistently cause businesses to slow walk their expansion projects. Knowing the truth will improve business planning and help to create considerable job growth across the entire state.