Did your small business hire a full time employee in 2014 or 2015? Did you spend at least $5,000 in equipment or technology purchases? If you answered yes to both of these questions, you may qualify for the Kentucky Small Business Tax Credit.
In 2014, Kentucky revised statutes to help provide funding for the small business jobs stimulus tax credit program. This program budgets $3,000,000 annually per each fiscal year. These funds are annually available to any for-profit small business if they meet the minimum criteria. Through an application, the funds are awarded on a first come first serve basis until the program funding is depleted each year. The credits are non-refundable Kentucky income tax credits which range from $3,500 to $25,000.
In order to qualify, there are minimum requirements that for-profit small business must met. Those requirements include:
Hire and maintain at least one full time employee that increases your employment base at a minimum of $10.88 an hour for twelve months
Invest $5,000 or more in equipment or technology
Be a for-profit small business with 50 or fewer full time employees
We can assist your small business through the application process to claim any tax credits. If you feel that you meet the requirements or are unsure, call and speak with one of our tax professionals regarding your tax credit options. The Kentucky Small Business Tax Credit is just one of many tax credits that your business could be qualified to receive. Contact your local office for more information about the Kentucky Small Business Tax Credit or other available tax credits. Our Flemingsburg office can be reached at 606.849.3431, Louisville at 502.584.9793 , Maysville at 606.564.3690 and Richmond at 859.626.9040 .