Kentucky Incentives Get a Boost

Kentucky has increased the amount of Endow Kentucky tax credits that can be awarded annually to $1 million from the current $500,000 in fiscal years beginning on or after July 1, 2016. Additionally, the Kentucky Industrial Revitalization Act (KIRA) credit allows approved company projects to undertake supplemental projects during or within 24 months following the term of the initial project and to qualify for additional incentives.

Also, effective August 1, 2014, property incorporated into the construction or modification of a blast furnace as part of a KIRA supplement project is exempt from the state sales and use tax. Kentucky has simplified the Small Business Tax Credit Program requiring small businesses seeking approval for a credit to, among other requirements, create, fill, and maintain for 12 months 1 or more eligible positions over a base employment, invest $5,000 ore more in qualifying equipment or technology within a 6 month period.

Leave a Reply

Your email address will not be published.

Scroll to top