Kentucky R&D Tax Credit Explained for Businesses

Kentucky and the Research and Development (R&D) Tax Credit

For tax years beginning on or after January 1, 2007, Kentucky law permits a credit against income tax and limited liability entity tax (LLET) for the construction of research facilities. “Construction of research facilities” means constructing, remodeling and equipping facilities or expanding existing facilities in this state for qualified research. It includes only tangible, depreciable property, and does not include any amounts paid or incurred for replacement property. The credit is available once the tangible, depreciable property is placed in service.

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Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed’s office location at 312 South Fourth Street, Louisville, Kentucky provides R&D tax credit consulting and advisory services to Louisville, Lexington, Bowling Green, Owensboro, Covington, Richmond, Georgetown, Florence, Hopkinsville and Elizabethtown.

If you have any questions or need further assistance, please call or email our local Kentucky Partner on (502) 237-5088.
Feel free to book a quick teleconference with one of our Kentucky R&D tax credit specialists at a time that is convenient for you. Click here for more information about R&D tax credit management and implementation.

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Kentucky Patent of the Year – 2024/2025

Blunt Wrap U.S.A. Inc. and North Atlantic Wrap Company LLC has been awarded the 2024/2025 Patent of the Year for their innovative approach to cigar construction. Their invention, detailed in U.S. Patent No. 11903408, titled ‘Smoking article and method’, introduces a novel method for manufacturing cigars using nested frusto-conically shaped tubes.

This inventive method involves providing multiple nested tubes made of smokable material, such as spirally wrapped tobacco. These tubes are then attached to a mouthpiece with an internally threaded socket. The nested tubes and mouthpiece are packaged together, either filled with tobacco filler material, partially filled, or unfilled, for sale in a container.

The design allows for a customizable smoking experience, as users can choose to fill the tubes with their preferred tobacco blend. The nested structure also facilitates a more efficient manufacturing process, potentially reducing production costs and time. Additionally, the use of a threaded mouthpiece ensures a secure and consistent connection between the cigar and the smoker’s mouth.

Blunt Wrap U.S.A. Inc. and North Atlantic Wrap Company LLC innovative approach to cigar construction represents a significant advancement in the tobacco industry. By combining traditional materials with modern manufacturing techniques, this invention offers both consumers and manufacturers a more versatile and efficient product.