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SCHEDULE KRA

*0900010250*

__ __ / __ __

41A720-S35 (10-09)

Mo.

Yr.

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

REDIT

OMPUTATION

CHEDULE

A KRA P

ROJECT

ORPORATIONS)

➤ Attach this schedule to Form 720.

KRS 154.34-010 to 100

Name of Corporation

Federal Identification Number

Kentucky Corporation/LLET

Account Number

__ __ — __ __ __ __ __ __ __

__ __ __ __ __ __

Location of Project

Date KRA Reinvestment

Economic Development

Agreement was Executed

Project Number

Mo.

Day

Yr.

City

County

PART I—Computation of LLET Excluding KRA Project

1. LLET from Form 720, Part I, line 1 .......................................................................................................... 1

2. LLET on KRA project (see instructions) ................................................................................................. 2

3. LLET excluding LLET on KRA project (line 1 less line 2) ...................................................................... 3

PART II—Computation of Taxable Net Income Excluding Net Income from KRA Project and KRA Tax Credit

Section A–Computation of Corporation Tax

1. Enter income tax from Form 720, Part III, line 1 .................................................................................... 1

2. LLET of corporation (Part I, line 1) .......................................................................................................... 2

3. LLET credit allowed (line 2 less $175, but not more than Section A, line 1) ....................................... 3

4. Total corporation tax (add lines 1 and 2 less line 3) ............................................................................. 4

Section B–Computation of Tax Excluding KRA Project

1. Enter taxable net income from Form 720, Part II, line 23 ..................................................................... 1

2. Enter net income from KRA project, if loss enter -0- ............................................................................ 2

3. Taxable income excluding net income from KRA project (line 1 less line 2). If line 2 is greater

than line 1, enter -0- ................................................................................................................................ 3

4. Corporation income tax on amount of line 3:

Taxable Net Income

Rate

Tax

(a) First $50,000 .......................

X 4%

(b) Next $50,000 .......................

X 5%

X 6%

(d) Total income tax liability excluding KRA project (add lines 4(a) through 4(c)) ........................... 4(d)

5. LLET excluding LLET on KRA project (Part I, Line 3) ............................................................................ 5

6. Enter LLET from line 5 less $175, but not more than Section B, line 4(d) .......................................... 6

7. Total tax excluding KRA project (add lines 4(d) and 5 less line 6) ....................................................... 7

8. Total tax attributable to KRA project (Section A, line 4 less Section B, line 7)

Continue to Part III and enter this amount on Part III, line 1 ................................................................ 8

PART III—Limitation

1. Enter tax liability attributable to KRA project from Part II, Section B, line 8 ....................................... 1

2. Enter balance of approved costs from Schedule KRA-T, Column B .................................................... 2

3. Allowable KRA tax credit (lesser of line 1 or line 2) ............................................................................. 3

Enter allowable credit on Schedule TCS, Part I, Column E and Column F

➤ Economic development project means a project authorized under the Kentucky Industrial Development Act (KIDA), the Kentucky

Rural Economic Development Act (KREDA), the Kentucky Jobs Development Act (KJDA), the Kentucky Industrial Revitalization

Act (KIRA), the Kentucky Economic Opportunity Zone (KEOZ), the Kentucky Reinvestment Act (KRA), the Kentucky Job Retention

Act (KJRA), the Incentives for Energy Independence Act (IEIA) or the Skills Training Investment Credit Act (STICA).

The Kentucky Corporation Income Tax and LLET Return (Form 720), including this schedule must be mailed to Economic

Development Tax Credits, Corporation Income and License Tax Branch, Kentucky Department of Revenue, P .O. Box 181,

Frankfort, Kentucky 40602-0181.

Form 41a720-S35 - Schedule Kra - Tax Credit Computation Schedule - Kentucky Department Of Revenue - 2009

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