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The project to revive the shuttered Kentucky Kingdom theme park as Bluegrass Boardwalk has received another boost, with the state reportedly set to approve tax breaks requested by its backers.

Wave3.com reports that Kentucky's Tourism Cabinet has given preliminary approval to an application from the company behind Bluegrass Boardwalk. This would provide it with tourism tax credits, helping to reduce the overall cost of reviving Kentucky Kingdom in time for it reopen in May 2013.

The Bluegrass Boardwalk project is being led by members of the Koch Family, who also own the Holiday World theme park and its attached Splashin' Safari water park. The group has already secured the required financing to move ahead with restoring Kentucky Kingdom's rides and attractions.

Little is known of the family's plans for Bluegrass Boardwalk, although the group has already confirmed its intention to bring some of its innovations from Holiday World to the park.This includes free soft drinks for all guests, free sunscreen and free use of inner tubes in the park's water park.

Kentucky Kingdom closed in January 2010, following a failure by former operator Six Flags to agree changes to the park's lease. The Kentucky State Fair Board claimed at the time that the company proposed that it pay no rent for the remaining nine years on the lease - instead offering a cut of any potential future profits.

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