Friday, February 5, 2016
Coal incentives bill goes to Senate
The coal industry is now excluded from certain sales and use tax and income tax incentives that are available to other industries through the Kentucky Enterprise Initiative Act (KEIA) and Kentucky Business Investment Act (KBI), said House Majority Floor Leader Rocky Adkins, D-Sandy Hook. He said House Bill 202, which passed the House today by a vote of 89-0, would help to remedy the situation in the wake of years of coal job losses.
“It’s an attempt to right a wrong, in my opinion,” said Adkins, primary sponsor of HB 202. “I know that this bill will not be the magic bullet that will turn the industry around, but at least it will be there as a tool for the industry to use as all other businesses and industries qualify for in the Commonwealth of Kentucky.”
HB 202 would also require the state Cabinet for Economic Development to promote increased exports of Kentucky coal should it become law, according to the bill.