Legislation will encourage economic development and job security in the Commonwealth

Frankfort, KY:    Governor Ernie Fletcher today signed Senate Bill 248; legislation which will provide tax incentives in order to retain Kentucky businesses that otherwise may have moved out of the Commonwealth or closed down.

The bill, sponsored by Senate majority caucus leader Charlie Borders and advanced in the House by majority floor leader Rocky Adkins, will benefit all Kentucky manufacturers who invest in the state.  A key point of the legislation is the fact that it will assist AK Steel in a $65 million modernization of its Ashland Works in Eastern Kentucky.

"This bi-partisan legislation will enable us to become a more competitive, attractive state in which to do business,” stated Governor Fletcher.  "Because of Senate Bill 248, we will be able to save hundreds, possibly even thousands, of jobs for Kentucky families.”          

Economic Development Cabinet Secretary Gene Strong and Commerce Cabinet Secretary Jim Host also played major roles in pushing this legislation forward.

Senate Bill 248 was approved by the Kentucky Senate by a vote of 37-0, and the House of Representatives by a 91-0 vote

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