Northern Kentucky Tri-County Economic Development Corporation is celebrating the good news that Meyer Tool’s corporate aircraft fleet has moved to the Cincinnati/Northern Kentucky International Airport — known by locals as CVG — in part thanks to the elimination of the property tax on non-commercial aircraft by local taxing districts in Boone County.
“We want to make CVG a competitive location for businesses using non-commercial aircraft,” said judge-executive Gary Moore, the past chairman of Northern Kentucky Tri-ED, in a writen statement. “We believe the elimination of this tax will help attract new corporate planes from sizeable corporate HQ operations, informatics-oriented firms and large-scale manufacturing companies.”
With the exemption in place, Meyer Tool will bring about eight full time jobs to CVG for the two corporate jets it owns and operates. Meyer Tool also has expanded its workforce at the Meyer Tool Cox Plant in Erlanger, Ken., with 28 new jobs in Boone County in 2013.
Meyer Tool, a high-tech manufacturing company supplying a variety of precision components to the aerospace and gas turbine engine industries, has invested $4.79 million in its Northern Kentucky operation, which employs about 152 full-time workers.
“We are striving at many levels to make CVG more competitive in its service to both residents and the corporate community in Cincinnati and Northern Kentucky,” said CVG chief executive officer Candace McGraw, in a written statement. “The elimination of the personal property tax on non-commercial aircraft in Boone County will help us attract new corporate fleets and create new jobs for our region.”
Northern Kentucky Tri-ED worked closely with the Boone County Fiscal Court and the respective taxing jurisdictions in Boone County, which include the Boone County Board of Education, Boone County Extension Service, Boone County Library District, the Hebron Fire District and the Northern Kentucky Health District, to eliminate personal property known as aircraft not used in the business of transporting persons or property for compensation or hire as an item that is taxed and assessed per KRS 132.200 section (18).
