Business

Ky. small business tax credit program starts Jan. 1

State officials will begin accepting applications for a new small-business tax-credit program on Jan. 1.

The Kentucky Small Business Investment Credit program will offer credits ranging from $3,500 to $25,000 for small businesses that create and maintain at least one job and invest at least $5,000 in qualifying equipment or technology, according to a statement.

In promoting the program, the state noted that with certain exceptions, most for-profit small businesses of 50 or fewer employees will be eligible.

Because businesses cannot apply until a job has been maintained for a year, the program allows hires dating back to Jan. 1, 2010, to be eligible. Purchases dating back to that time are also eligible to meet the technology investment requirement.

"Helping Kentucky small businesses grow and add jobs is a giant step in supporting the future of our Commonwealth," Becky Naugle, state director of the Kentucky Small Business Development Center, said in a statement.

The program is capped at $3 million from the state annually. As such, applications will be scored and ranked. Other items that influence an applicant's score include purchasing technology from businesses located in Kentucky and the average pay for the job in question.

To learn more, visit thinkkentucky.com/KSBIC.

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