News

2014 Kansas Business Incentive Changes

One of the Kansas Department of Commerce’s most popular incentive programs, Promoting Employment Across Kansas (PEAK), was enhanced recently. PEAK offers qualified companies the ability to retain 95 percent of their payroll withholding tax for up to ten years. The enhancements to the program include:

• The aggregate median wage of the new jobs created in the project are used to qualify the project for PEAK. If the aggregate median wage of the new jobs does not qualify the project for PEAK, the annual average wage of the new jobs can be used. Qualifying through the use of the average wage limits the benefits received.
• Companies in the bioscience industry can now also be considered for PEAK if funding under the Kansas Bioscience Authority is not an option.
• PEAK for business retention projects was set to expire this year, but this has been extended through 2018.