Ford Motor Company to Receive $66 Million Incentives Package to Support Facility Expansion
Kentucky economic development officials recently announced the approval of tax incentives for Ford Motor Co. under the Kentucky Jobs Retention Act. The Kentucky Economic Development Finance Authority preliminarily approved the project for up to $66 million over a 10-year period.
Louisville, Ky. — Kentucky economic development officials recently announced the approval of tax incentives for Ford Motor Co. under the Kentucky Jobs Retention Act. The Kentucky Economic Development Finance Authority preliminarily approved the project for up to $66 million over a 10-year period.
Approval of the KJRA incentives is intended to help support the retention of 5,117 jobs and a payroll of direct and indirect jobs of more than $4 billion in the state. As part of the company’s “Way Forward” plan, Ford is proposing to invest in its Kentucky Truck Plant to increase flexibility, efficiency and reliability at the facility.
Ford’s proposed investment is estimated to total $105 million. It will include funds for equipment and facility upgrades, technology upgrades and the purchase of new machinery and equipment. It will also include engineering costs necessary to implement the modernization upgrades.
"Ford is facing unprecedented competitive challenges and this type of partnership support enhances our ability to work together closely to set the stage for additional opportunities in the future," said Curt Magleby, director of State and Local Government and Community Relations.
The Kentucky Jobs Retention Act is a new incentive program signed into law on March 23. The program is designed to encourage existing automotive manufacturers to modernize their facilities and retain existing jobs.
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