Incentives and Financing
Incentives for a New Kentucky (INK)
On June 26, 2009, Governor Steve Beshear signed into law House Bill 3, known as Incentives for a New Kentucky (INK) streamlining and modernizing Kentucky’s business incentive programs. Effective immediately this legislation does the following:
- Provides a program for existing manufacturers who need to make a significant capital investment in Kentucky facilities in order to remain competitive;
- Consolidates KIDA, KREDA, KJDA & KEOZ into a single, more flexible tax incentive program for new and expanding businesses;
- Provides a sales and use tax refund for companies that are heavy users of computer and telecommunications equipment; and,
- Expands KEIA to allow sales tax refunds for the purchase of electronic processing systems costing $50,000 or more.
Other new programs are also included in this landmark legislation that will further encourage small business, tourism and other forms of development across the state. For a summary and comparison of the tax incentive programs under the Incentives for a New Kentucky click here or for additional information contact Chuck Willis in the Cabinet for Economic Development’s Department of Financial Incentives at 502-564-4554-ext 3332.
Detail for the consolidated incentive programs and detail for IRBs:
Northern Kentucky Incentives Programs
Northern Kentucky Tri-ED facilitates local government participation in incentive proposals for economic development projects. This can range from local wage assessment tax credits to a customized incentive proposal from a local government in Kentucky.
Commonwealth of Kentucky Incentive Programs
Various incentive and assistance programs are available in Kentucky, at the state and local level, for new business operations locating into the state and for existing companies that want to expand their operations.
Kentucky economic development rankings, with the support of local participation of communities throughout the Commonwealth, is recognized as a national leader for supporting new and expanding industries by Site Selection, Forbes, Expansion Management and Area Development magazines.
Northern Kentucky ezone Incentives
The Northern Kentucky ezone works collaboratively with several organizations that provide funding assistance to fast-growth, high-tech companies. Since the program began in 2001, the ezone has assisted clients in achieving 44 awards in state funding and over $53 million in investments.
The ezone works with companies that fall within the following industries:
- Biosciences · Environmental & Energy Technologies
- Human Health & Development
- Information Technology & Communication
- Materials Science & Advanced Manufacturing
The Kentucky Enterprise Fund, Rural Innovation Fund and Kentucky New Energy Ventures Fund are a series of seed stage capital funds that focus on the early stage commercialization of a technology-based product or process. By encouraging the commercialization of innovative ideas, these funds foster competitive, profitable companies that create high paying jobs and wealth in Kentucky. The funds are managed by the Kentucky Science and Technology Corporation (KSTC).
The Kentucky Department of Commercialization and Innovation provides funding/loan programs to assist high-tech firms that fuel economic development in the emerging economy.
The Northern Kentucky ezone also assists in preparing clients for Angel Capital, Venture Capital, and traditional bank financing. |