TAILIEUCHUNG - Kentucky Business Incentives

Larger businesses in the United States have been actively pursuing information security with significant resources including technology, people, and budgets for some years now. As a result, they have become a much more difficult target for hackers and cyber criminals. What we are seeing is that the hackers and cyber criminals are now focusing more of their unwanted attention on less secure small businesses. Therefore, it is important that each small business appropriately secure their information, systems, and networks. This Interagency Report (IR) will assist small business management to understand how to. | Kentucky Business Incentives Eentucku w UNBRIDLED SPIRIT- Cabinet for Economic Development Kentucky offers a number of progressive incentives for businesses. The following list should be considered as a general summary. Additional information on each business incentive is available. I. FINANCIAL INCENTIVES A company seeking incentives under each of the following seven programs is subject to an application process internal staff review and approval by the Kentucky Economic Development Finance Authority KEDFA . Kentucky Business Investment KBI program An eligible company must be engaged in one of the following activities 1 manufacturing 2 agribusiness 3 regional or national headquarters operations or 4 certain nonretail service or technology activities. The minimum requirements for an eligible project are as follows 1 create a minimum of 10 new full-time jobs for Kentucky residents 2 incur at least 100 000 in eligible costs and 3 meet a minimum level of wages and benefits. The tax incentives involved with this program are available for up to 15 years for enhanced incentive counties or up to 10 years for all other counties. The incentive may be taken as 1 up to 100 percent credit against the Kentucky income tax imposed on corporate income or limited liability entity tax arising from the project 2 a wage assessment of up to 5 percent of the gross wages of each employee in enhanced counties or up to 4 percent including up to 1 percent required local participation of the gross wages of each employee in other counties. KRS to KRS Kentucky Reinvestment Act KRA To be eligible a company must be a permanent Kentucky company engaged in manufacturing. Requirements of the program include 1 incurring eligible equipment and related costs of at least 2 500 000 2 establishing an employment retention base of at least 85 percent of existing employment 3 not having received incentives under the Kentucky Industrial Revitalization Act KIRA within the previous 5 .

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