Lawmakers Proposed Use Of Reserve Fund For Economic Development Incentives

FRANKFORT, Ky. (AP) — Kentucky lawmakers have advanced legislation to tap into the state’s budget reserve fund to offer incentives in hopes of landing mega-sized economic development projects. House and Senate panels endorsed bills Wednesday to apply the incentives to business development projects topping $2 billion. The governor’s senior adviser, Rocky Adkins, calls it a “game changer.” Gov. Andy Beshear said recently the state is pursuing at least five projects of that magnitude. The legislation would provide $350 million in forgivable state loans. Another $50 million would be spent on worker training. The money would be taken from the state’s budget reserve trust fund.