An Energy Company Is Interested In Kentucky's Proposed Tax Incentives

By: Danielle Morgan Email
By: Danielle Morgan Email

Another energy company is interested in the state's proposed tax incentives.

Peabody Energy is focused on western Kentucky, but this time southeastern Kentucky is the target.

In a letter to the secretary of economic development, Future Fuels, LLC shows interest in up-front cash being proposed by state legislators to encourage alternative fuel technology.

Now this company has eyes set on our region.

From the walls surrounding his nearly 30 year old office...souvenir bits of ribbon cut from new businesses opening their doors in Hazard, tell the story of Mayor Bill Gorman's success in luring companies to the mountains.

“You've got to be competitive,” Mayor Gorman said.

That's what's on the minds of legislators attempting to put together an incentive package that alternative energy companies can't turn down.

The "incentives for energy independence act" could give company's cash payments in advance, before they ever turn one dollar.

100-million dollars could be borrowed to create an energy projects economic development bond pool.

“In order to get something here, we took our 20 million, just Hazard and Perry County, so 100-million is a drop in the bucket you know to get something this big,” Mayor Gorman said.

Among the incentives in House bill one companies would be eligible for tax breaks on construction material, corporate income tax and coal severance tax.

The Secretary for Economic Development, John Hindman says it's much more than a coal bill.

“It's an opportunities bill. It offers alternative fuel for state vehicles and addresses education,” Hindman said.

Hindman says Future Fuels LLC divulged little else about their plans to bring clean coal projects to the mountains, other than the fact that they would be multi-billion dollar projects and other officials say the site could be in Leatherwood.

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