4 NKY Businesses Win Incentives from State
Four Northern Kentucky businesses won incentive approvals last week from the Kentucky Economic Development Finance Authority (KEDFA).
One project won preliminary approval while three others were awarded final approval.
IT Supply Solutions in Florence received preliminary approval to participate in the state's Kentucky Business Investment (KBI) program, which provides income tax credits and wage assessments to new and existing agribusinesses, regional and national headquarters, manufacturing companies, and non-retail service or technology related companies that locate or expand operations in Kentucky, according to a state description.
The firm, located on Production Court, refurbishes and sells used computer equipment and is looking to expand.
IT Supply Solutions currently employs thirteen according to KEDFA documents, and hopes to expand to fifteen in six years.
KEDFA approved a $250,000 tax credit, preliminarily.
Wolf Steel Acquisition in Crittenden won final approval from the KBI program in a tax credit amount of $350,000.
The Canadian-based company manufactures fireplaces, stoves, grills, and accessories.
It plans to expand its Miller Drive location by acquiring adjacent land. Wolf, which is changing its name to Wolf Steel USA, currently employs fifteen and hopes to expand to thirty employees in two years time. The average wage is $19 per hour.
Florence-based Aristech Surfaces won final approval for a $375,000 tax incentive as part of the Kentucky Reinvestment Act (KRA).
The company is in the acrylic business and makes surfaces for hot tubs, bath shells, wall panels, countertops, and signs. It operates on Empire Drive.
The tax credit benefits the improvements at the company's Florence headquarters and manufacturing facility.
Beaumont Homes, also based in Florence, received a Kentucky Small Business Tax Credit (KSBTC) worth $17,500. The program provides between $3,500 and $25,000 per year for small businesses that have hired and sustained at least one new job in the last year and purchased at least $5,000 in qualifying equipment or technology, according to a state description.
The company lists five eligible positions and an investment of $26,000 in qualifying equipment or technology, according to KEDFA documents.
Photo via Aristech Surfaces website