Monday, February 01, 2010

P&L gets initial approval on tax incentives

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P&L gets initial approval on tax incentives | Railway Track & Structures

The state of Kentucky has given preliminary approval to $400,000 in tax incentives for the Paducah & Louisville Railway to build a new "green" headquarters. The Paducah Sun reported that the Kentucky Economic Development Finance Authority gave initial go-ahead for the tax credits, which will go toward a $4.2-million headquarters and end the company's search for a new home.

The new facility will replace P&L's crowded, aging quarters in downtown Paducah with a new 20,000-square-foot building.

P&L, a 265-mile regional railroad, has grown steadily in recent years by acquiring rail lines in West Virginia, Indiana and Illinois. Company president Tony Reck said the company has newer contracts with CSX Transportation to build and operate intermodal facilities in West Baltimore, Ohio, and Winter Haven, Fla.

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