Kentucky Small Business Tax Credit Just Got Easier
Effective July 14, 2018, Kentucky eased the factors for qualification for the Kentucky Small Business Tax Credit (KSBTC) which rewards employers for hiring new employees and purchasing fixed assets. A credit of $3,500 is available for each eligible position and businesses can apply for the credit multiple times each year, up to a maximum credit of $25,000 per calendar year.
In order to qualify for the credit, an eligible small business must do all of the following:
- Create one or more eligible positions
- Invest $5,000 or more in qualifying equipment or technology
- Apply for the credit within 24 months of meeting the first program requirement
In the past two years, we have successfully assisted our clients in being awarded approximately $130,000 in Kentucky Small Business Tax Credits with an additional $20,000 in process. Please contact Kathy Pool, CPA or one of our professionals to discuss applying for this generous Kentucky tax credit 859-331-1717.