Kentucky Small Businesses
Do you have a Kentucky business with 50 or fewer full-time employees? Have you purchased over $5,000 in equipment or technology? You may be eligible for substantial tax credits just by doing something you probably already are… growing!
The Kentucky Small Business Tax Credit offers between $3,500 and $25,000 per year for small businesses that hire and sustain at least one new job in the last year and purchase at least $5,000 in qualifying equipment or technology.
Some important details regarding the credit include:
- Most businesses are eligible, and the credits are available to nearly all industries.
- Businesses must apply for the credit within twenty-four (24) months of the initial qualifying event (either hire date of new position or purchase date of qualifying property)
- The tax credit applies to the state tax return for the year it was awarded.
- While the credit is non-refundable, tax credits may be carried forward up to five years.
- The credits are allocated on a fiscal year basis, so if you qualify, apply early.
For more details about the Kentucky Small Business Tax Credit program, please contact us at (513)455-8200