Form 41a720-S24 - Schedule Kira - Tax Credit Computation Schedule

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*0600010244*
For taxable year ended
SCHEDULE KIRA
__ __ / __ __
41A720-S24 (12-06)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
TAX CREDIT COMPUTATION SCHEDULE
(FOR A KIRA PROJECT OF CORPORATIONS)
KRS 154.26-010 to 120
➤ Attach to Form 720, Form 720S, Form 725 or Form 765.
Name of Corporation
Federal Identification Number
Kentucky Corporation
Account Number
_ _
_ _ _ _ _ _ _
_ _ _ _ _ _
Location of Project
Date KIRA Revitalization
Economic Development
Agreement was Executed
Project Number
_ _ / _ _ / _ _
City
County
Mo.
Day
Yr.
PART I—Tax Liability Method
Method in which greater tax liability was computed on Form 720, Form 720S, Form 725 or Form 765 (check applicable box) .
Taxable net income (go to Part II)
Lesser of corporation's gross receipts or gross profits (go to Part III)
$175 minimum tax (enter zero (-0-) on Schedule TCS, Part I)
PART II—Computation of Taxable Net Income Excluding Net Income from KIRA Project and KIRA Tax Credit
1. Enter total tax liability from Part 3, line 3 from Form 720, Form 720S, Form 725 or Form 765.......
1
2. Enter taxable net income from Form 720, Part 1, line 24; Form 720S, Part 1, line 27; Form 725,
Part 1, line 15; or Form 765, Part 1, line 29 ........................................................................................... 2
3. Enter net income from KIRA project. If a loss, enter -0- ...................................................................... 3
4. Kentucky taxable net income excluding net income from KIRA project
(Subtract line 3 from line 2. If line 3 is greater than line 2, enter -0-.) ................................................ 4
5. Compute tax on amount on line 4.
Taxable Net Income
Rate
Tax
(a)
First $50,000 .....................
x
4%
(b)
Next $50,000 ....................
x
5%
(c)
All income over
$100,000 ...........................
x
7%
(d)
Total (add lines 5(a) through (c)) ................................................................................................ 5(d)
6. Income tax liability attributable to KIRA project (subtract line 5(d) from line 1)
Continue to Part IV and enter on line 1 ................................................................................................. 6
PART III—Computation of Alternative Minimum Calculation (AMC) for Corporation’s Gross Receipts or Gross Profits from KIRA Project
If alternative minimum calculation (AMC) is based on gross receipts, complete line 1. If based on
gross profits, complete line 2.
1. KIRA project gross receipts
x 0.00095 = ............................ 1
2. KIRA project gross profits
x 0.0075
= ............................ 2
Continue to Part IV and enter on line 1.
PART IV—Limitation
1. Enter tax liability attributable to KIRA project from Part II, line 6 or Part III, line 1 or line 2 ............ 1
2. Enter limitation from Schedule KIRA-T, Column D .............................................................................. 2
3. Allowable KIRA tax credit (lesser of line 1 or line 2) ............................................................................ 3
Enter allowable credit on Schedule TCS, Part I.
➤ 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) or the Skills Training
Investment Credit Act (STICA).
The Kentucky Corporation Income Tax Return (Form 720, Form 720S, Form 725 or Form 765), 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.

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