Schedule Kreda-Sp - Tax Computation Schedule (For A Kreda Project Of A Pass-Through Entity)

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SCHEDULE KREDA-SP
*0800010254*
For taxable year ended
__ __ / __ __
41A720-S18 (10-08)
Mo.
Yr.
Commonwealth of Kentucky
T
C
S
AX
OMPUTATION
CHEDULE
DEPARTMENT OF REVENUE
➤ Attach this schedule to
(FOR A KREDA PROJECT OF A PASS-THROUGH ENTITY)
Form 720S, Form 765 or Form 765-GP .
KRS 154.22-010 to 100
Name of Pass-through Entity
Federal Identification Number
Kentucky Corporation/LLET
Account Number (if applicable)
__ __ __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Date KREDA Financing/Tax Incentive
Economic Development
Agreement was Executed
Project Number
or Activation Date
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of KREDA Tax Credit and Tax Due
1. Kentucky taxable income on KREDA project (see instructions) .........................................................
1
2. Net operating loss deduction on KREDA project .................................................................................
2 (
)
3. Kentucky taxable income on KREDA project after net operating loss deduction
(line 1 less line 2) ....................................................................................................................................
3
4. Income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $3,000 ........................
x
2%
(b) Next $1,000 ........................
x
3%
(c) Next $1,000 ........................
x
4%
(d) Next $3,000 ........................
x
5%
(e) Over $8,000 up to $75,000
x
5.8%
(f) Over $75,000.......................
x
6%
(g) Total income tax liability of KREDA project (add lines 4(a) through 4(f)) ................................... 4(g)
5. LLET on KREDA project (see instructions). Not applicable for Form 765-GP ....................................
5
6. LLET credit allowed (line 5 less $175, but not more than line 4(g)). Not applicable for
Form 765-GP ...........................................................................................................................................
6
7. Total tax on KREDA project (add lines 4(g) and 5 less line 6) .............................................................
7
8. Limitation (Column E from Schedule KREDA-T) ..................................................................................
8
9. Enter the lesser of line 7 or line 8 as either:
(a) KREDA tax credit ............................................................................................................................. 9(a)
or
(b) Estimated tax payment and complete election in Part II .............................................................. 9(b)
10. If line 7 is larger than line 9(a) or 9(b), enter difference here as a liability of the
pass-through entity. (Any pass-through entity reflecting a tax liability, complete
Tax Payment Summary below and remit payment.) ........................................................................... 10
PART II—Estimated Tax Election
In accordance with KRS 141.347(4)(b),
Name of Pass-through Entity
elects for the taxable year ended
, in lieu of the
tax credit, to have an amount equal
KREDA
to the lesser of line 7 or line 8 above applied as an estimated tax payment.
Signature of Shareholder, Partner or Member
Date
TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.)
Tax
Interest
Penalty
TOTAL
Form 720S, Form 765 or Form 765-GP 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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