Kentucky Business Resource
The state recently passed legislation enabling the creation of a Kentucky business “One-Stop” website. The online interface will simplify filings and cut down on multiple forms, serving as a unified entry point for business owners to access information about state services and business requirements. Additionally, the new online portal will allow Kentucky companies to submit forms and applications, make payments, and complete other required transactions in a fraction of the time previously needed.
The “Kentucky Small Business Investment Credit” is designed to encourage job creation by providing a nonrefundable state income tax credit to small businesses hiring one or more people and/or investing at least $5,000 in qualifying equipment or technology. Most for-profit businesses with a maximum of 50 full-time employees are eligible.
The “Kentucky Reinvestment Act” program can benefit any company engaged in manufacturing and related functions within the commonwealth. Benefits are available for up to ten years; including tax credits equaling up to 100 percent of corporate income tax liability.
Similarly, under the “Kentucky Industrial Revitalization Act, companies may receive tax credits, Kentucky Corporation License Fee credits, and job assessment fees for up to ten years. These incentives may equal up to 75 percent of the cost of the rehabilitation or construction of buildings, as well as refurbishing or purchasing equipment.