Beshear encourages applications for small business tax credit

FRANKFORT, Ky. – Big news for Kentucky small business owners!

Gov. Andy Beshear reminded during Thursday’s Team Kentucky Update that you can apply for a tax credit worth up to $25,000.

Beshear says the small business tax credit is available to eligible companies that added at least one new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.

Most for-profit businesses with 50 or fewer full-time employees will qualify, including construction, manufacturing, retail, service and wholesale companies.

“This program encourages our small businesses to grow even more, which benefits their community and our great state,” said Beshear.

Overall, the tax credit amount you receive will depend on the number of jobs created and the amount invested in new equipment or technology, with the state income tax credit ranging between $3,500 to $25,000 per year.

Qualifying small businesses should apply now to ensure their best chance of approval in time for this year’s tax filings. Applications for the tax credit need to be in before the end of the year.

To learn more about the program and to access the application, you can visit ced.ky.gov/Entrepreneurship/KSBTC.