Northern Kentucky Incentive Programs

Northern Kentucky Tri-ED facilitates local government participation in incentive proposals for economic development projects. This can range from local wage assessment tax credits to a customized incentive proposal from a local government in Kentucky.

Boone County Fiscal Court offers a 50% reduction in occupational license fees (i.e. "payroll tax") for up to 5 years for eligible firms. Firms are encouraged to use credits for training purposes.

The City of Covington offers forty percent (40%) reduction in occupational license fees for certain projects locating in the City of Covington creating a minimum new annual payroll of $2,000,000. Additional incentive programs for small businesses and all types of development projects for both residential and commercial are also available.

The City of Wilder offers a 50% reduction in occupational license fees for up to 10 years for eligible firms creating a minimum of 200 new jobs with or annual payroll of up to $500,000.

Duke Energy offers three programs that will encourage economic development through reductions in electric rates for use of unoccupied buildings, brownfield sites, major expansions and new businesses. The programs are:

1. Urban Redevelopment - designed to help revitalize areas with abandoned buildings of 25,000 square feet or more, and would apply to customers with a minimum electric load of 500 kilowatts. This program provides for a 50% reduction in base bill electric charges for one year.
2. Brownfield Redevelopment - encourages development of areas defined by Kentucky or federal law as a property site whose use may be compromised by the presence of a hazardous substance or contaminant. ULH&P proposes to reduce electric demand charges by 50% in the first year declining by 10% per year through the fifth year.
3. Economic Development - will apply to customers with a minimum electric usage of 1,000 kilowatts and would require that the new or expanding customer create at least 25 new full-time jobs with a minimum capital investment of $1 million. Duke Energy would reduce base electric rates by 50% for the first year.

Foreign Trade Zone

A Foreign Trade Zone (FTZ) located in Boone County offers duty-deferral savings that assist firms that import goods from foreign countries. Communities in Northern Kentucky will consider additional FTZ's for qualified projects or developments.

For additional information on Foreign Trade Zones, contact Mr. Ken Fightmaster, Director of Foreign Trade Zones, Greater Cincinnati Chamber of Commerce, 441 Vine Street, Cincinnati, OH 45202 at 513-579-3119 or kfightma@gccc.comor by accessing www.cincinnatiusa.org.