FRANKFORT, Ky. (WEHT) – Wednesday, Gov. Andy Beshear announced 64 small businesses leveraged the Kentucky Small Business Tax Credit (KSBTC) program to create 211 full-time jobs and reinvest $2.1 million into their operations year-to-date.
“Small businesses employ nearly half of Kentucky’s workforce, and this growth serves as another indicator of their resiliency and strength,” said Gov. Beshear. “To further their tremendous economic impact, it’s important we partner with these companies to magnify their efforts. Small businesses took some of the hardest hits economically during the pandemic, and I’m encouraged by and grateful to see this growth.”
Officials say 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 211 new jobs incentivized through KSBTC this year pay well, with an average hourly wage of $27.45 before benefits.
For more information on the Kentucky Small Business Tax Credit, click here.