Our SOAR Business and Innovation team is all in on the success of entrepreneurs in Eastern Kentucky. We’re here to ensure that small businesses know about opportunities like the Kentucky Small Business Tax Credit (KSBTC).
The KSBTC can offer your business a tax credit ranging from $3,500 to $25,000 per year, depending on the number of jobs you create and investments you make. This is a great opportunity to support your business growth and increase your impact on the region.
Who Can Apply?
- Eligible Businesses: Nearly all industry segments, including retail and service, with 50 or fewer full-time employees.
- Eligibility Criteria: You must have hired at least one new full-time employee who has been on the payroll for at least one year and earns at least $10.88 per hour. Additionally, you should have invested a minimum of $5,000 in new equipment or technology.
Why Apply?
The KSBTC provides a valuable opportunity to reduce your state tax liability for the year the credit is awarded, directly benefiting your bottom line. By investing in your business and creating jobs, you not only grow your enterprise but also contribute to the economic development of Eastern Kentucky.
Deadline to apply:
Apply by November 1, 2024.
How to Get Started
- Submit an Interest Form: Contact our Business and Innovation team by submitting an interest form.
- Receive Personalized Guidance: We’ll provide you with all the information you need, including detailed steps and resources to apply for the tax credit.
Watch below to see how other small businesses in Kentucky have used the KSBTC:
Ready to Grow?
Don’t miss out on this opportunity! Submit your interest form today, and our team will guide you through every step to help you secure the tax credit. Visit our SOAR Innovation page for more details.