Kentucky Small Business Tax Credit available for creating and filling a new employment position and investing $5,000 in qualifying equipment or technology
The Kentucky Small Business Tax Credit (KSBTC) program allows eligible small businesses paying taxes imposed by KRS 141.020 (income tax on individuals), 141.040 (corporation income tax), or 141.0401 (limited liability entity tax), to apply for a Kentucky state income tax credit.
Subject to a statutory limit of $3,000,000 per state fiscal year, this program provides a non-refundable state income tax credit between $3,500 – $25,000 for small businesses with less than 50 employees that create and fill one or more eligible positions and invest $5,000 or more in qualifying equipment or technology.
Qualified applicants are eligible to receive a tax credit in an amount not to exceed the lesser of: 1) $3,500 per eligible position; or2) the total dollar amount invested in qualifying equipment or technology.
Applicants are also subject to a $25,000 maximum tax credit cap, per applicant, for each calendar year. Visit thinkkentucky.com/KSBTC for more details and information. Please contact us if you have any questions.