POPULATION: 4,269,245 (2008)
LABOR FORCE: 2,042,915 (2008)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Agriculture, mining, manufacturing
EXPANDING INDUSTRIES: Professional and business services, education and health services, leisure and hospitality, financial activities, service providing, natural resources and mining
COLLEGE GRADUATES: (Age 25 and over) 19.7%
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 is 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 $0.122 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, service, and technology
businesses
- • Reinvestment projects for existing manufacturing
- • New and expanded alternative fuel, gasification, and
renewable energy facilities
- • New and expanded environmental product manufacturing
- • New and expanded industry sales tax refunds
Bluegrass State Skills Corp. (work force training)
