November 1, 2017

KSBTC applications still being accepted from small businesses

Program offers tax incentives up to $25,000

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Kentucky small businesses can still earn tax credits of up to $25,000 by applying for the Kentucky Small Business Tax Credit (KSBTC) program. Applications accepted by Nov. 1 stand the best chance of receiving approval in time for 2017 tax filings. However, companies can still take advantage of the program in preparation for the 2018 tax year with a chance to be included in this year’s tax filing.

Tax credits are available for companies that, in the past 24 months, added at least one employee and invested $5,000 or more in qualifying equipment or technology. The program is offered by the Kentucky Cabinet for Economic Development and encourages growth among the commonwealth’s small businesses.

KSBTC is available to most for-profit businesses of 50 or fewer full-time employees, including companies in the construction, manufacturing, retail, service and wholesale industries. Qualifying small businesses may be eligible to receive a state income tax credit ranging from $3,500 to $25,000 per year. The tax credit varies based upon the number of jobs created and the cost of equipment purchased.

In 2016, KSBTC incentivized the creation of 523 private-sector jobs and nearly $6 million in investments by 174 small businesses. On average, each participating company hired three people and received more than $10,000 in tax incentives. In total, the program has helped create nearly 1,300 jobs and $13.4 million in new investments.

To learn more about KSBTC or to apply, visit www.KentuckyTaxCredit.org or contact the Cabinet at 800-626-2930.

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