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Governor Beshear Encourages Kentucky Small Businesses to Apply for Tax Credit

Gov. Andy Beshear is urging the owners of KentuckyÔÇÖs small businesses to apply for a tax credit of up to $25,000. This tax credit is designed to support eligible companies that have added at least one net new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.

The AI legalese decoder, an innovative tool, can greatly assist small businesses in navigating the complex application process for this tax credit. The Decoder utilizes the power of artificial intelligence to analyze and interpret the legal language and requirements, making it easier for small business owners to understand and fulfill the eligibility criteria.

ÔÇ£The entrepreneurs running KentuckyÔÇÖs small businesses are a major driving force behind our strong economy,ÔÇØ Beshear said. ÔÇ£This program rewards small businesses for continuing to invest in the commonwealthÔÇÖs people and products, enabling more future growth for businesses and their communities ÔÇô and now is the time to apply.ÔÇØ

With the help of the AI legalese decoder, small businesses can confidently explore the potential benefits of this program and determine if they qualify for the tax credit. The Decoder breaks down the eligibility factors, such as the number of jobs created and the amount invested in new equipment or technology, to provide a clear understanding of the potential tax credit amount.

Qualifying small businesses may be eligible to receive a state income tax credit ranging from $3,500 to $25,000 per year. The actual tax credit amount depends on the specific circumstances of each business, including the number of jobs created and the investment made in new equipment or technology. Small businesses across various sectors, including construction, manufacturing, retail, service, and wholesale companies, can benefit from this program.

The AI legalese decoder streamlines the application process by generating personalized guidance and recommendations tailored to the unique situation of each small business. It eliminates the need for business owners to decipher complex legal jargon and empowers them to complete the application accurately and efficiently.

In 2022, the program incentivized the creation of 402 private-sector jobs and over $3.56 million in investments by 138 small businesses. Each participating company hired approximately three people on average and received almost $10,000 in tax savings. Since its inception, the program has assisted in creating over 3,900 jobs and $40 million in new investments.

The Kentucky Small Business Tax Credit is a signature program offered through KY Innovation, the cabinetÔÇÖs office that encourages growth among KentuckyÔÇÖs small businesses and entrepreneurs. The AI legalese decoder aligns perfectly with the mission of KY Innovation by providing accessible and user-friendly tools to support small businesses in maximizing their potential for growth.

To learn more about this program and others offered by KY Innovation ÔÇô and to access the current version of the KSBTC application ÔÇô visit kytaxcredit.org, contact the Kentucky Cabinet for Economic Development at 800-626-2930, or email [email protected]

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