Tax credit available to Kentucky small businesses

Kentucky small businesses that employ 50 or fewer full-time employees are encouraged to apply for the Kentucky Small Business Tax Credit program. “Tax credits are available to eligible companies that added at least one new full-time employee and invested more than $5,000 in qualifying equipment or technology within the past 24 months,” said Governor Andy Beshear during Thursday’s Team Kentucky Update. Qualifying businesses may be eligible to receive a state income tax credit ranging from $3,500 to $25,000 through the program. The credit awarded is dependent on the number of jobs created and the amount of investment in new equipment and technology. Since its inception, more than $17.4 million in tax credits have been earned through the program based on the creation of more than 5,100 jobs and more than $53.7 million in investments. “Team Kentucky is committed to supporting our small businesses,” Beshear said. “We know that you are the backbone of each and every community, so check out this application. If you qualify, make sure you apply for it. We want to help you grow, and we appreciate you.” Learn more about the program and find the application at NewKentuckyHome.ky.gov/Entrepreneurship/KSBTC. Business owners may also contact the Kentucky Cabinet for Economic Development at 1-800-626-2930 or email info@kyinnovation.com for more information.