On Sep. 5, KNY LEG reported on small business tax credit applications.
KNY LEG reported governor encouraged Kentucky’s small businesses to apply for a tax credit of up to $25,000 through the Kentucky small business tax credit (KSBTC).
Small Business Tax Credit
Tax credits available to eligible companies that added at least one net new full-time employee, invested $5k/more in qualifying equipment, technology in past 24 months.
May be eligible to receive State income tax credit from $3,500 to $25,000 per year.
Amount depends on number of jobs created, amount invested in new equipment, tech.
Most for-profit businesses with 50 or fewer full-time employees will qualify, which includes construction, manufacturing, retail, service and wholesale companies.
Deadline
Applications received by Nov. 1, 2024 will be fully reviewed for consideration in 2024.
Applications can be submitted at any time throughout the year, but applications received after Nov. 1, 2024, may not be eligible for tax credits until the 2025 tax year.
