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Time for 2022 Small Business Tax Credit is running out
From Crystal Staley/Brandon Mattingly
Frankfort, KY - On Thursday, September 29, 2022, Gov. Andy Beshear urged Kentucky's small businesses investing in our communities and creating jobs to apply for a tax credit of up to $25,000.
To receive the Kentucky Small Business Tax Credit, qualifying small businesses should apply now to ensure their best chance of approval in time for this year's tax filings. Tax credits are available to eligible companies that added at least one new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.
"We want to make sure our small business owners know that this program is available, and we remind them that it is time to apply," Gov. Beshear said. "This program encourages our small businesses to grow even more, which benefits their community and our great state."
"This tax credit is one of our office's most consistent and effective tools for helping businesses at every stage of their journey. The program encompasses small businesses involved in such a broad spectrum of industries," said Monique Kuykendoll Quarterman, deputy executive director of KY Innovation. "We love to see the companies that hire directly from our Kentucky communities. We encourage anyone who has added employees or invested in equipment to consider applying."
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.
Bob Patterson, president of Patterson & Co. CPAs Pllc., has used the program as his company has created jobs multiple times since 2015.
"We have been fortunate to secure several Small Business Tax Credits for equipment purchases to support our new hires through the 11 years we have been open," said Patterson. "The program is very helpful, easy to apply for, and professionally and fairly administered."
In 2021, the program incentivized the creation of 339 private-sector jobs and over $3.6 million in investments by 113 small businesses. On average, each participating company hired three people and received more than $10,000 in tax savings. Since its inception, the program has assisted in creating over 3,400 jobs and $35 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 startups and small businesses. Other KY Innovation resources include programs providing access to credit, mentoring and advocacy. Entrepreneurs and startups also can connect with multiple resources at the six regional KY Innovation Hub offices statewide.
To learn more about the program and to access the current version of the application, visit ced.ky.gov/Entrepreneurship/KSBTC, contact the Kentucky Cabinet for Economic Development at 800-626-2930, or email firstname.lastname@example.org.
This story was posted on 2022-09-29 19:14:13
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