Kentucky state government is working to make small businesses aware of a tax saving program for those who expand their companies. The Kentucky Office of Entrepreneurship is holding public meetings statewide for small business owners on how to qualify for the small business tax credit.
Spokesman Jack Mazurak said it’s one of several tools available for small businesses in the state. "One of the advantages of going out into communities across the state is you get to know businesses and we make friends and we end up introducing multiple programs to companies," Mazurak said.
He said small businesses employ thousands of people and generate a lot of tax revenue. "We want to do all we can to reach out to them and inform them of ways they can grow and be successful," he said.
Businesses with 50 or fewer employees are eligible for the tax credit if they create a new full-time job and invest at least $5,000 in equipment. The tax credit can worth as worth as much as $25,000.
Companies can apply for the tax credit anytime, but must do so by November 1st for the credit to go towards this year’s taxes.
A public meeting in Owensboro will be held Wednesday at noon at the Kentucky Innovation Network.
