A guide to help you understand the ins and outs of business in Kentucky
Kentucky is located in the Upland South and borders seven other states: Illinois, Indiana, Missouri, Ohio, Tennessee, Virginia and West Virginia. Louisville is the state’s largest city, while Frankfort is the capital. It is the 37th largest state, but has a population of 4.47 million people, which makes it the 26th most populous state. The GDP in Kentucky was $215,399,000,000 in 2019.
Manufacturing, AgriTech, automotive, aerospace, food and beverage, logistics, chemicals, plastics and rubber, and healthcare are Kentucky’s top industries. Kentucky has more than 210 chemical manufacturing companies, which employ 15,000 people. In 2019 the chemical industry exported nearly $750 million in basic chemicals; a 7.6% increase from the previous year. The automotive industry exported $.8 billion in related products in 2019, and has a workforce of over 100,000 people at over 500 companies.
In 2019, Kentucky imported $177,003 from Qatar. Its top imports are: Nuclear reactors, boilers, machinery, etc. Articles of iron or steel Special classification provisions In 2019, Kentucky exported $74,852,019 to Qatar with its top exports being: Aircraft, spacecraft and parts thereof Miscellaneous chemical products Vehicles except railway and tramway, and parts
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Kentucky’s previous tax brackets were replaced in 2018 with a flat corporate income tax of 6%. The state has three free trade zones (Louisville, Boone County, and Paducah), as well as 39 incentive programs. Some examples of these programs include the Tourism Development Incentive Program, the Recycling or Composting Equipment Tax Credit, and the On-Farm Energy Efficiency Incentives Program.