The 2009 Special Session is over and lawmakers say they've taken the steps necessary to carry the state into the upcoming fiscal year.

Before finishing the session Wednesday, lawmakers passed House Bills 3 and 4.

House Bill 3 contains several incentives aimed at jump-starting the state's economy, as well as a final decision on the price of Bowling Green's "Tax Increment Financing" district.

"Warren County Downtown Economic Development Authority" treasurer, Doug Gorman couldn't be happier.

"Dropping the Signature TIF level from $200 to $150 million, it makes it a little easier for us to ensure that we have enough development here to meet the requirements of the TIF district. But its exciting for the developers, private developers and all of the other projects going on," says Gorman.

State Senator Mike Reynolds says the lowering of the "TIF" threshold should create more interest from potential vendors.

"It will really help the chamber move forward with the projection of potential businesses, potential companies, potential development more than anything that can take place in the "TIF" district," says Reynolds.

South Central Kentucky, the tax dollars we generate through this great legislation are going to stay here and build our community rather than the rest of the state.

Another portion of House Bill 3 Kentuckians can look forward to is a tax break if you trade in your "used" car for a new one.

"If you were buying a new car for $25,000 and your trade-in was worth $10,000, under the current law you'd have to pay sales tax on the full $25,000. Under this proposal, you'd only pay on the difference of $15,000.

David Jaggers of Leachman Buick-Pontiac-GMC tells WBKO that some potential customers have already shown interest in the deal.

He believes the legislation will spur the economy and be a real boon to the state's auto industry.

Also included in the legislation passed Wednesday were incentives to bring a lithium battery plant to Glendale, Kentucky.

The General Assembly also passed a measure to give a $5,000 tax break to non-first time homeowners buying brand new homes.