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94.3 the Wolf Country That'll Make You Howl!
Tax credit available for Kentucky small businesses
Kentucky small businesses have access to a state tax credit aimed at spurring development and job creation.
Governor Andy Beshear is encouraging small businesses to apply for the Kentucky Small Business Tax Credit, which is worth up to $25,000.
According to a release from the governor’s office, the tax credit is “available to eligible companies that added at least one net new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.” The governor’s office says most for-profit businesses with 50 or fewer full-time employees will qualify.
Qualifying businesses may be eligible for a state income tax credit between $3,500 and $25,000 based on the number of jobs created and the amount invested in new equipment or technology. Businesses may submit applications throughout the year, but an application must be submitted by November 1 to be fully reviewed for 2025 tax credit eligibility. Applications received after November 1 may not be eligible until the 2026 tax year.
Learn more about the Kentucky Small Business Tax Credit and find the application at www.kytaxcredit.org. Contact the Kentucky Cabinet for Economic Development (1-800-626-2930 or info@kyinnovation.com) for assistance.
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