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Newport on the Levee Wants Extended Tax Breaks

Newport on the Levee Wants Extended Tax Breaks
Posted Sunday, December 15th 2013 @ 4pm

Newport on the Levee, plans to ask Kentucky State Lawmakers in January for an extension on tax breaks given to them over a decade ago, to help construct the 400,000-square-foot space.

The Levee says they are not asking for any new funds as a three-year extension for $6.3 million would put them at the original $40 million approved by state lawmakers in 2001.

After a first round of tax breaks expired in October 2011, the Levee received a two-year extension and were able to recoup $4.6 million. Levee officials say the slow economy only allowed them to recoup about $29.1 million before that two year extension.

The levee plans to ask for the three-year extension of tax incentives under the Kentucky Tourism Development Act, when State Lawmakers reconvene in Frankfort on Jan. 7. The act allows new or expanding tourist attractions in the state to recoup up to 25 percent of the project’s cost for up to 10 years by keeping a portion of sales tax receipts.

The Levee want to reinvest in capital projects such as expanding onto a neighboring parking lot and plan to redevelop a shuttered IMAX theater. The levee says they have not filed any legislation yet to make a formal request.

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