Bill Calls for Tracking Kentucky Economic Development Incentives

A bill that would keep tabs on the money Kentucky gives out for economic development projects has cleared a House committee.

Kentucky spends about $1.4 billion each year on economic development incentives, with nearly half that amount going to “energy development” and the coal industry, according to the New York Times.

Democratic House Speaker Greg Stumbo says the state doesn’t have a way to track that money.

State Rep. Larry Clark’s bill would create a public database of the incentives and list the number of jobs created and the return on the investments.

“We don’t have, what I’d say, is a centralized location on reporting,” says Clark, a Louisville Democrat. “It’s sort of a hodge-podge approach. And that has driven that. And also, as a member of the legislative branch, we felt like, at times, we wasn’t quite informed, or good reporting to us, so that’s what generated this whole process.”

The bill passed unanimously out of the House Economic Development Committee and heads to the House floor.

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