Kentucky approves USD146.5 mil. in tax breaks for Toyota's plant expansion
Tax breaks could tilt the competition in favour of Kentucky.
The Kentucky Economic Development Finance Authority (KEDFA) has approved a package of USD146.5 million in tax incentives for Toyota to expand its auto assembly plant in Georgetown, Kentucky by 2015, for the production of a new model, reports The Detroit News. The KEDFA's package to the Japanese carmaker is based on the condition that the company invests USD531.2 million and adds 570 full-time jobs for the expansion project. The agency stated that Toyota is considering increasing production capacity at the Georgetown facility by an additional 50,000 units annually, starting 2015.
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