Who is on the Kentucky Economic Development Finance Authority Board?
I do know there are 6 of them plus the Secretary of the Finance who is an ex officio member.
I called the Economic Development Cabinet and asked who was on the board. A nice lady there told me to send her an email and ask the same question. I did. I'm waiting for a reply.
The thing that bugs me here is that these six unknown people, at this point in time, are passing out millions of dollars in tax breaks and I don't have a clue who they are, who they work for, or anything at all about them. The are spending millions of dollars of our tax dollars with what appears to be no oversight.
Their names aren't on the internet, the nice lady told me that, and she's right, I looked.
If anyone knows anything about who these people are or if there is some oversight mechanism I'm missing let me know.
Talk about the need for a little transparency.
Friday, January 28, 2011
$100 Million Here, $100 Million There, Pretty Soon You're Talking Big Bucks
In today business page of the Herald Leader I noticed a story about some of the recent tax breaks given by the Kentucky Economic Development Finance Authority (KEDFA) part of the Economic Development Cabinet.
As the story points out “….In general, when a company is approved for tax incentives, it can keep that amount of money, which it would otherwise pay in taxes….”
I then remembered that we give more money away in tax breaks than we collect taxes. You can find out who gets the breaks here.
According to their data base KEDFA has given final approval for tax incentives in the amount $1,857,080,297.00. Yes, that is over $1.8 billion dollars.
So who gets the money here’s a few selected companies that got nice tax breaks. Forgive me I couldn’t stand to look at the whole list, my gag reflex was kicking in, but I’m sure all of them were richly deserving of the millions of dollars of tax money they don’t have to pay.
First let’s get a six pack of Kentucky Ale and start with: Alltech, Inc. $1,290,000
and then there are:
Amazon $10,050,000
Best Buy Stores, L.P. $12,000,000
CafePress.com, Inc. $3,000,000
Chris's Creations, Inc. $1,500,000
Citicorp Credit Services, Inc. (USA) $46,735,150
Fellon-McCord & Associates, LLC $1,000,000
Fidelity Brokerage Services, LLC $9,040,000
Givaudan Flavors Corporation $1,400,000
Heaven Hill Distilleries, Inc. $3,160,200
Humana, Inc. and Humana Insurance Company $15,666,475
Running it like a business is easier when you get millions of dollars in tax breaks.
As the story points out “….In general, when a company is approved for tax incentives, it can keep that amount of money, which it would otherwise pay in taxes….”
I then remembered that we give more money away in tax breaks than we collect taxes. You can find out who gets the breaks here.
According to their data base KEDFA has given final approval for tax incentives in the amount $1,857,080,297.00. Yes, that is over $1.8 billion dollars.
So who gets the money here’s a few selected companies that got nice tax breaks. Forgive me I couldn’t stand to look at the whole list, my gag reflex was kicking in, but I’m sure all of them were richly deserving of the millions of dollars of tax money they don’t have to pay.
First let’s get a six pack of Kentucky Ale and start with: Alltech, Inc. $1,290,000
and then there are:
Amazon $10,050,000
Best Buy Stores, L.P. $12,000,000
CafePress.com, Inc. $3,000,000
Chris's Creations, Inc. $1,500,000
Citicorp Credit Services, Inc. (USA) $46,735,150
Fellon-McCord & Associates, LLC $1,000,000
Fidelity Brokerage Services, LLC $9,040,000
Givaudan Flavors Corporation $1,400,000
Heaven Hill Distilleries, Inc. $3,160,200
Humana, Inc. and Humana Insurance Company $15,666,475
Running it like a business is easier when you get millions of dollars in tax breaks.
Subscribe to:
Posts (Atom)