Gov. Beshear: Small Businesses Investing, Creating Jobs Can Apply for Tax Credits Worth up to $25,000
Time for Kentucky Small Business Tax Credit is running out for 2023 tax returns
FRANKFORT, Ky. (Sept. 13, 2023) – Today, Gov. Andy Beshear urged the owners of Kentucky’s small businesses, which help drive the state’s job growth and innovation, to apply for a tax credit of up to $25,000.
To ensure the best chance of approval in time for this year’s tax filings and receive the Kentucky Small Business Tax Credit, qualifying small businesses should apply now. Tax credits are available to eligible companies that added at least one net new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.
“The entrepreneurs running Kentucky’s small businesses are a major driving force behind our strong economy,” Gov. Beshear said. “This program rewards small businesses for continuing to invest in the commonwealth’s people and products, enabling more future growth for businesses and their communities – and now is the time to apply.”
“The Kentucky Small Business Tax Credit is an essential way to support businesses that are already growing and making an impact in their communities across the state,” said Monique Kuykendoll Quarterman, executive director of KY Innovation, the Kentucky Cabinet for Economic Development’s Office of Entrepreneurship and Innovation. “It is a highly effective tool for companies in a broad range of sectors making important contributions to Kentucky’s economy by hiring and investing in their business. We strongly encourage those who have filled new positions and invested in new equipment to learn more and apply now.”
Qualifying small businesses may be eligible to receive a state income tax credit ranging from $3,500 to $25,000 per year. The tax credit amount depends on the number of jobs created and the amount invested in new equipment or technology. Most for-profit businesses with 50 or fewer full-time employees will qualify, including construction, manufacturing, retail, service and wholesale companies.
“As a small business, it really helps to have somebody in your corner,” said Kyle Robinson, founder of Print My Threads, located in Greenup County. “We’re buying from suppliers, investing in equipment and hiring some of the best employees. But all of that adds up, and so you have a lot of overhead. When we found out about the Kentucky Small Business Tax Credit, that made growing a lot easier; and when we grow, so do our partners.”
In 2022, the program incentivized the creation of 402 private-sector jobs and over $3.56 million in investments by 138 small businesses. Each participating company hired approximately three people on average and received almost $10,000 in tax savings. Since its inception, the program has assisted in creating over 3,900 jobs and $40 million in new investments.
The Kentucky Small Business Tax Credit is a signature program offered through KY Innovation, the cabinet’s office that encourages growth among Kentucky’s small businesses and entrepreneurs. Other KY Innovation resources include programs providing access to credit, mentoring and advocacy. Entrepreneurs and small businesses are also encouraged to connect with the multiple resources available to them at the six regional KY Innovation hub offices statewide.
To learn more about this program and others offered by KY Innovation – and to access the current version of the KSBTC application – visit kytaxcredit.org, contact the Kentucky Cabinet for Economic Development at 800-626-2930, or email info@kyinnovation.com.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn
Gov. Beshear To Commemorate Patriot Day,
Anniversary of 9/11
Governor orders flags to half-staff to honor those lost in 2001 terrorist attacks
FRANKFORT, Ky. (Sept. 8, 2023) – Gov. Andy Beshear will join Ashland Mayor Matt Perkins and leadership of the Ashland police and fire departments for a memorial ceremony at the Delta Hotels by Marriott in downtown Ashland at 8:30 a.m. Monday, Sept. 11, to remember the lives lost in the terrorist attacks on Sept. 11, 2001, and to recognize the sacrifices of first responders that day.
“Twenty-two years ago, our country and our lives were forever changed. We lost so many Americans on Sept. 11, including one of my classmates. Now, every year, we come together to remember, to grieve for those lost and to honor the heroism of the brave first responders who went straight toward danger to help as many people as possible,” said Gov. Beshear. “But we also unite as Americans to say we will never tolerate terrorism or hate in this great country. Because this day reminds us to be better and to lead with love.”
In accordance with a proclamation from the White House, the Governor has directed flags at all state office buildings be lowered to half-staff on Monday in commemoration of Patriot Day and National Day of Service and Remembrance and in honor of those lost in the 9/11 attacks.
Gov. Beshear encourages individuals, businesses and organizations throughout the commonwealth to join in this tribute. Flag status information is available at governor.ky.gov/flag-status.
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