$25,000 Small-Business Tax Credit
June 10, 2010 3:30pm
Kentucky’s General Assembly established a non-refundable tax credit program for any small business having 50 or fewer employees that invests at least $5,000 in qualifying equipment and/or technology and creates and fills one new eligible position and maintains a full-time employee in that position for at least one year.
The maximum credit that a small business may be eligible to apply for and receive in any given tax year is $25,000. Unused tax credits may be carried forward for up to five years.
The program, which is capped at $3 million per fiscal year, is currently being developed in consultation with the Kentucky Cabinet for Economic Development’s Small Business Services Division and acceptance of applications will begin in 2011.
For more information, please contact Mark Johnson with the Kentucky Cabinet for Economic Development’s Small Business Services Division at toll free 1-800-626-2250 or via email at MarkL.Johnson@ky.gov