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The Kentucky Small Business Investment Credit Program

The Kentucky Small Business Investment Credit (KSBIC) program is designed to encourage small business growth and job creation by providing a nonrefundable state income tax credit to eligible small businesses hiring one or more eligible individuals and investing at least $5,000 in qualifying equipment or technology. The KSBIC Fact Sheet provides an overview of the program.

With certain exceptions, most for-profit businesses with fifty or fewer full-time employees are considered eligible small businesses for this program. More detailed information on qualifying small businesses, eligible positions, qualifying equipment and technology, time frames for applying, determination of eligible tax credit amounts, and other important program information can be found in the KSBIC Guidelines.

Applications for the KSBIC program will be accepted beginning in January 2011. A complete application consists of the KSBIC Application and all required supporting documentation listed in the application form. Submission of an application does not guarantee receipt of a tax credit. The KSBIC program is limited to allocating a total of $3,000,000 in tax credits per state fiscal year (July 1 to June 30). This program cap may prevent some otherwise eligible businesses from receiving a tax credit.

Tax credits approved under this program must be claimed on the tax return for the taxable year during which the credit was approved. Unused credits may be carried forward for up to five years.

For more information about the Kentucky Small Business Investment Credit program, please contact Mark Johnson at MarkL.Johnson@ky.gov or call 800-626-2250.

Additional Resources:

 

 

Kentucky Cabinet for Economic Development   Old Capitol Annex  300 West Broadway   Frankfort, KY 40601
502-564-7140 (local)   800-626-2930 (toll free)