Helps start-up businesses receive tax credits
FRANKFORT, Ky. (Dec. 15, 2014) — Applications are now available for the Kentucky Angel Investment Fund Tax Credit through the Kentucky Cabinet for Economic Development.
The fund provides capital for startup companies to receive tax credits of up to 50 percent of their investment in counties with high unemployment rates—or enhanced counties—and 40 percent in all other counties.
Earlier this year, Gov. Steve Beshear and the General Assembly expanded the angel tax credit legislation so individual angels can take advantage of the credits. Under the old legislation, only groups of angel investors (with fund managers) were eligible.
Out-of-state investors can take advantage of the credit too by transferring that tax credit to someone else within the commonwealth. If a Kentucky taxpayer is willing to purchase the credit, the investor will recover some portion of the investment.
The angel tax credit is operated through the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development. Funds are limited.
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