In 2012, The Tax Foundation ranked Kentucky as the 11 most business friendly state. While this ranking measures the overall cost of doing business, Kentucky has long been a leader in the area of targeted incentives. The state’s current incentive package was revised in 2009 to streamline the application process and to add additional programs to aid new and existing business.
There are many programs in the Commonwealth that can be utilized to assist businesses growth. Some are targeted to very specific circumstance others are applicable across the board to most employers. The following list of incentives includes those that are most commonly used in the Kentucky I-71 Connected region.
Major Business and Industry Assistance Programs
Provides income tax credits and wage assessments to companies locating or expanding in the state.
Industrial Revenue Bonds
Provides lower financing rates and tax abatement's for up to 30 years on capital investments.
Provides incentives for Kentucky companies that need to retool to be competitive in a global workplace.
Provides sales tax refunds for building and construction materials along with eligible equipment for research and development.
Federally funded grants for machinery and infrastructure for new and expanding business.
Finance up to $500,000 in low interest direct loan project funding.
Kentucky Industrial Revitalization Act provide tax credits and employee wage assessments for manufacturing companies in imminent danger of closing.
Bluegrass State Skills Investment Credit
Provides tax credits for investments in employee occupational skills upgrades.
Bluegrass State Skills Grant - In Aid
Provides matching funds for employee training activities.
Small Business Assistance Programs
Kentucky Small Business Credit Initiative
Small Business Loan Program
The Kentucky Small Business Tax Credit
Kentucky Microenterprise Loan Program
U.S. Small Business Administration
Carroll County Community Development Corporation
511 Highland Ave.
PO Box 334
Carrollton, Kentucky 41008 | USA
Shelby Miles, MPA
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