Toyota Offered Incentives for Kentucky Plant Expansion
Kentucky is making plans to bring more investment from Toyota into their state, working to expand an already large establishment of factories with the foreign car company. They plan to do so through tax incentives, and offering $146.5 million. In exchange, Toyota would have to add jobs and capital to the state. It is expected that Toyota would need to “invest $531.2 million and add 570 full-time jobs to receive the full value of the credits” according to the Kentucky Economic Development Finance Authority.
Toyota has not yet reached a decision on the offer. Given the history of the plants in Kentucky, however, it seems very likely that the car company will continue to add to the Kentucky investments. Opened in 1988, Georgetown, Kentucky has been the the center of production for the Camry sedans with $6 billion invested into the site. The Camry has been the best selling sedan for the past 11 years.
Personally, I see optimism in Kentucky’s decision, in that they are trying to work with other companies outside of the country to increase job growth for their state and bring jobs stateside.