Gov. Andy Beshear said Tuesday the Kentucky Small Business Tax Credit program fueled the creation of 339 new jobs and the reinvestment of $3.64 million in 107 businesses throughout the past year.
The KSBTC program incentivizes companies with 50 or fewer full-time employees that hire and sustain at least one new job and purchase at least $5,000 in qualifying equipment or technology. Applicants can receive between $3,500 and $25,000 in credits annually.
The 339 new jobs incentivized through KSBTC this year had an average hourly wage of $25.89, excluding employee benefits. Business owners also purchased $3.64 million in qualifying equipment and technology vital to the expansion of business operations. The total incentive amount for 2021 – $1,167,700 – was distributed between the 107 approved applicants across 37 counties.
For more information on the Kentucky Small Business Tax Credit, visit ced.ky.gov/KSBTC.