Tax Candi

Sometimes my posts are inspired by food cravings.  Today's is inspired by KFC's new grilled chicken--because if Sandra Lee says it's good, then it has to be!  (Quick Question:  Who is the other guy?)

Anyways, today we're visiting the Bluegrass State and discussing the Kentucky Economic Opportunity Zone (KEOZ) program. 

The KEOZ focuses on development of areas with high unemployment and poverty levels. Eligible companies include new or expanded manufacturing, service, or technology industries, which must invest at least $100,000 in the project and create at least 10 new full-time jobs for residents of the zone. Service and technology businesses can recoup 50% of eligible relocation and start-up costs up to $20,000 in eligible costs (or in other words, $10,000 in tax credits, per job created) and 50% of annual occupancy costs of the facility. The company may also collect a job development assessment fee of up to 5% of the gross wages of each employee whose job is created by the approved project and who is subject to Kentucky income taxes. Unused credits may be carried forward for the term of the agreement.

Interested companies should apply to the Kentucky Economic Development Finance Authority (KEDFA).

In my prior experience, Kentucky is a great state to work with and they have a very robust incentives program, so look for many more Kentucky-related postings to come!