Kentucky Business Credit Application
Description
How to fill out Business Credit Application?
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FAQ
The endow tax credit is a tax credit calculated based upon an endowment gift to a permanent endowment fund of a qualified community foundation or county-specific component fund or affiliate community foundation. The credit is equal to 20% of the value of the endowment gift, not to exceed $10,000 per taxpayer.
The Kentucky Small Business Tax Credit Program offers a credit for amounts between $3,500 and $25,000 per year to qualifying small businesses. The business must have hired and sustained at least one new job in the previous year and purchased at least $5,000 in qualifying technology and equipment.
The total amount of tax credit is one dollar ($1) per ethanol gallon produced, unless the total amount of approved credit for all taxpayers exceeds the annual cap of $5,000,000, then the credit is prorated amongst approved applicants.
A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.
Kentucky has a 5.00 percent corporate income tax rate. Kentucky has a 6.00 percent state sales tax rate and does not levy any local sales taxes. Kentucky's tax system ranks 18th overall on our 2023 State Business Tax Climate Index.
The education credits are: the American Opportunity Credit and the Lifetime Learning Credit. These credits are based on qualified undergraduate education expenses paid to an eligible postsecondary educational institution located in Kentucky.
A Limited Liability Entity Tax (LLET) applies to both C corporations and Limited Liability Pass-Through Entities (LLPTEs) and is not an alternative to another tax. However, corporations paying the LLET are allowed to apply that amount as a credit towards its regular corporate income tax.
The Endow Kentucky tax credit is available to any Kentucky taxpayer, business or individual, to receive a state tax credit up to 20% of their charitable gift to a permanent endowment at Central Kentucky Community Foundation. The credit is in addition to the normal federal deduction for a charitable gift.