Kentucky’s pro-business climate provides a number of incentives for businesses. The Kentucky Economic Development Finance Authority (KEDFA), established within the Cabinet for Economic Development to encourage economic development, business expansion, and job creation, provides financial support through an array of financial assistance and tax credit programs. Helping businesses in this way furthers the Commonwealth’s goals of achieving long-term economic growth and employment opportunities for its citizens. Kentucky Business Incentives and Financial Programs info here.
Kentucky’s economic development incentive toolbox was further enhanced when Governor Steve Beshear signed into law House Bill 3, known as Incentives for the New Kentucky (INK), in June 2009, streamlining and modernizing Kentucky’s business incentive programs. The landmark legislation revamps key existing programs, while also creating several new programs to further encourage new investment and job creation in the Commonwealth. One of those programs is the Kentucky Small Business Investment Credit (KSBIC) program, the first tax credit program of its kind for small businesses in Kentucky.
KEDFA approval is required for participation in the loan and tax incentive programs, except the Skills Training Investment credits, which are approved by the Bluegrass State Skills Corporation (BSSC). KEDFA meets the last Thursday of each month. Projects must be received by the last Friday of the month prior to the KEDFA meeting date in order to be considered.
To find out if your business qualifies contact the Department for Business Development where a professional economic development agent will be assigned to work with you. Your agent can answer your questions and guide you through the application processes.