And so the Kentucky Cabinet for Economic Development has reached out to area small businesses to remind them they could be eligible for Kentucky Small Business Tax Credits of up to $25,000.
If your small business recently hired at least one new full-time employee and invested at least $5,000 in new equipment or technology, you may be eligible for a credit.
Qualified applicants are eligible to receive a tax credit in an amount not to exceed the lesser of: 1) $3,500 per eligible position added; or 2) 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.
“Last year, Kentucky businesses received less than a 10th of the money allotted for the credit because very few applied for it,” says Mandy Lambert, commissioner of business development in the Kentucky Cabinet for Economic Development. “The Kentucky Small Business Tax Credit directly puts money back into the pockets of small businesses and helps them grow and create jobs. We’re confident that if more small businesses know of this opportunity, they will take advantage.”
The state can issue these credits until they reach a statutory limit of $3 million. According to state figures, then, our small businesses have left $2.7 million in tax credits unclaimed.
Call 800-626-2250 or visit this website for more info.