Good news for businesses looking to expand in Montgomery County: The region has been chosen to participate in the 2011 Kentucky Business Incentives program, a tax credit that helps Kentucky counties grow stronger economically by encouraging existing businesses in communities to expand and create jobs.

Companies in Montgomery County eligible for the KBI tax credit must be involved in manufacturing, agribusiness or any kind of regional or national headquarters in any industry, or be part of nonretail service or technology that is designed to serve a multistate, national or international market.

“The KBI was put in place to grow sectors of the economy that can truly be successful in Kentucky, both now and in the future,” says Sandy Romenesko, executive director of the Mt. Sterling-Montgomery County Chamber of Commerce/Industrial Authority.

KBI allows an expanding business to receive a 100 percent tax credit against its Kentucky income tax liability generated by the expansion project. It also permits the business to utilize a five percent job development assessment fee for tax credit.

“One of the minimum requirements for an eligible project is that it must create a minimum of 10 new, full-time jobs for Kentucky residents,” Romenesko says. “I hope to see several Montgomery County companies take advantage of all the positives associated with this economic development effort.”

Montgomery County also offers plentiful opportunities for local financing from five banks with combined assets of more than $5 billion – as well as incentives for companies employing local men and women.