State approves tax incentives for Franklin plastics company

The Kentucky Economic Development Finance Authority board approved tax incentives Thursday for companies including Washington Penn Plastic Co. Inc. of Franklin County. The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.

Washington Penn, which makes automotive products and wire harnessing, said it is adding a more efficient extrusion line and making improvements to its factory.

The company is spending $8.8 million and is eligible for $500,000 in tax incentives.

In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.