What incentives are available to business and industry in Springfield and Washington County?
Q: Are there any local incentives available to new and existing business?
A: Yes, Springfield and Washington County offer various local incentives to new and expanding businesses. Occupational tax incentives are available to those businesses that meet the requirements of the Kentucky Business Investment program. Workforce development assistance is also available, along with property tax abatements from the city of Springfield.
Q: What other incentives are available to business and industry in Springfield and Washington County?
- Bluegrass State Skills Corporation (BSSC) - BSSC offers a Grant and a Tax Credit Program. To learn more about these programs, visit the Kentucky Cabinet for Economic Development.
- Kentucky Jobs Development Act (KJDA) - KJDA provides tax incentives to new or expanding service and technology-based companies that earn at least 75% of their revenues from outside the state, employ at least 15 new full-time Kentucky residents and meet certain salary requirements. This tax credit program enables the company to recoup 50% of annual occupancy costs (or fair-market-value equivalent if owned) of the facility for up to 10 years and 50% of eligible start-up cost expenditures up to $20,000 per job created (maximum start-up credits of $10,000 per job).
- A 100% credit against the state corporate income tax arising from the project.
- The retention up to 5% of the gross wages of the new employment generated by the project as a credit against state and local occupational taxes.
- Kentucky Enterprise Initiative Act (KEIA) - Approved companies are eligible to receive a refund of sales and use tax paid on construction materials and building fixtures.
- Lincoln Trail Career Center - Local employment office that provides application, hiring, recruitment, and skills training services to local employers, and offers detailed labor market information. For more information, visit the Lincoln Trail Career Center Web site.
- Incumbent Worker Training (IWT) Program - IWT offers a 50% reimbursement for skills upgrade training of current employees for eligible business and industry.
- Kentucky Workforce Investment Network System (KY WINS) - Provides funding assistance (75% of project costs) for advanced courses that are part of a complete training package or lead to certification.
The process for applying for these benefits is a simple, straightforward process, and SWEDA's economic development staff will assist you in every step.
Q: Are there current workforce development programs taking place in Washington County?
A: Yes, Washington County is home to St. Catharine College and Elizabethtown Community and Technical College. Both institutions provide support to local employers through training of existing and future employees. Washington County schools are also engaged in career pathway programs that support growing industry needs in the area.
Springfield-Washington County Economic Development Authority is also engaged in various regional organizations that promote and support workforce development, including the Lincoln Trail Area Development District, and the NELCO training consortium.