{"data":{"id":"us-ky/krs-154.60-020","jurisdiction":"us-ky","citation":"KRS 154.60-020","heading":"Small Business Development Credit Program -- Application","body":"requirements -- Maximum credits permitted.\n(1) The authority shall develop a Small Business Development Credit Program in\nconsultation with the Office of Entrepreneurship and Innova tion to assist new or\nexisting small businesses operating in the Commonwealth. The nonrefundable\ncredit shall be allowed against the taxes imposed by KRS 141.020 or 141.040, and\n141.0401. The ordering of credits shall be as provided in KRS 141.0205.\n(2) The authority shall determine the terms, conditions, and requirements for\napplication for the credit, in consultation with the Office of Entrepreneurship and\nInnovation, subject to the provisions of subsection (3) of this section. The\napplication shall conta in identification information about the number of eligible\npositions created and filled, a calculation of the base employment of the small\nbusiness, verification of investment of five thousand dollars ($5,000) or more in\nqualifying equipment or technology,  and other information the authority may\nspecify to determine eligibility for the credit.\n(3) (a) The maximum amount of credits that may be committed in each fiscal year by\nthe authority and shared between the small business tax credit program and\nthe Selling Farmer Tax Credit Program shall be capped at three million dollars\n($3,000,000).\n(b) In order to be eligible to receive final approval for a credit, a small business\nshall, within the twenty -four (24) month period immediately preceding the\napplication submission date:\n1. Create and fill one (1) or more eligible positions over the base\nemployment; and\n2. Invest five thousand dollars ($5,000) or more in qualifying equipment or\ntechnology.\n(c) Each eligible position that is created and filled shall be main tained for twelve\n(12) months. If a full -time employee filling a newly created eligible position\nceases to be employed by the small business for any reason, that employee\nshall be replaced within forty -five (45) days in order for the eligible position\nto m aintain its eligible status, in addition to meeting all other applicable\nrequirements.\n(d) The small business shall submit all information necessary for the authority to\ndetermine credit eligibility for each year, and the amount of credit for which\nthe small business is eligible.\n(e) The maximum amount of credit for each small business for each year shall not\nexceed twenty-five thousand dollars ($25,000).\n(f) The credit shall be claimed on the tax return for the year during which the\ncredit was approved. Unused credits may be carried forward for up to five (5)\nyears.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53854","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:57Z","sha256":"764fdf6e818edfc7d5a3641e5503e8adb5e18796db05795f82eea3886fbd75b3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.60-010","next":"us-ky/krs-154.60-030"},"notice":"GroundRules: Original legal text. Not legal advice."}