POPULATION: 4,2006,074 (2006)
LABOR FORCE: 2,038,971 (2006)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Agriculture, mining, manufacturing
EXPANDING INDUSTRIES: High-tech manufacturing, business and financial services, automotive and related industries, research and development, warehousing and distribution
COLLEGE GRADUATES: (Age 25 and over) 20.2%
BASIC BUSINESS TAXES:
Corporate Income Tax: 4 percent of first $50,000 of taxable net income allocated to Kentucky; 5 percent on next $50,000; 6 percent on taxable income over $100,000
Corporation Franchise Tax: None
Sales and Use Tax: 6 percent of retail sales price of property sold, including utilities, that are used, consumed, distributed, or stored; 6 percent of rental charges and cost of admissions; no local sales tax
Property Tax: Real property is taxed at a state rate of $0.128 per $100 and is also taxed by local jurisdictions at varying rates; manufacturing machinery, telephone equipment, and pollution-control equipment are taxed only by the state at $0.15 per $100 assessed valuation
BUSINESS INCENTIVES:
Kentucky Economic Development Finance Authority (direct loans and small business loans)
State Income Tax Credits:
- • New and Expanded Manufacturing
- • New and Expanded Service and Technology Businesses
- • New and Expanded Environmental Product Manufacturing
- • New and Expanded Industry Sales Tax Refunds
Bluegrass State Skills Corp.
(work force training)