Form 41a720-S47 - Schedule Kjra-Sp - Tax Computation Schedule (For A Kjra Project Of A Pass-Through Entity) Page 2

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Page 2

41A720–S47 (10–15)

INSTRUCTIONS–SCHEDULE KJRA–SP

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

PURPOSE OF SCHEDULE—This schedule is used by

operations and activities of the approved company are

any pass–through entity which has entered into a tax

such that it is not practical to use a separate accounting

incentive agreement for a Kentucky Jobs Retention

method to determine the net income, Kentucky gross

Agreement (KJRA) project to determine the credit

receipts and Kentucky gross profits from the facility at

allowed against the Kentucky income tax and LLET

which the economic development project is located,

in accordance with KRS 141.402 on the income and

the approved company shall use an alternative method

Kentucky gross receipts or Kentucky gross profits from

approved by the Department of Revenue. A copy of

the project.

the letter from the Department of Revenue approving

the alternative method must be attached to this

Pass–through entities should first complete Form

schedule.

720S, 765 or 765–GP to determine net income (loss),

deductions, etc., from the entire operations of the

Separate Accounting—If the economic development

pass–through entity. The pass–through entity should

project is a totally separate facility, net income shall

then complete Schedule KJRA–SP to determine the

reflect only the gross income, deductions, expenses,

KJRA

tax credit and the tax due, if any, from the

gains and losses allowed under this chapter directly

KJRA

project. A pass–through entity is subject to

attributable to the facility and overhead expenses

tax as provided by KRS 141.020 and KRS 141.0401 on

apportioned to the facility; and Kentucky gross receipts

the net income and the Kentucky gross receipts or

or Kentucky gross profits shall reflect only Kentucky

Kentucky gross profits from the project and the

KJRA

gross receipts or Kentucky gross profits directly

credit is applied against the tax of the

KJRA

project.

attributable to the facility.

Consequently, the pass–through entity must use Form

720S(K), Form 765(K) or Form 765–GP(K) in lieu of

Line 2—Enter the net operating loss from the

KJRA

Schedule K (Form 720S), Schedule K (Form 765) or

project, if any, being carried forward from previous

Schedule K (Form 765–GP) in order to exclude the

years.

net income from the

KJRA

project from the partners,

members or shareholders’ distributive share income,

Note: Just as the income from a

KJRA

project does not

and Schedule LLET(K) in lieu of Schedule LLET in

flow through to partners, members or shareholders,

order to exclude the Kentucky gross receipts or the

neither do the losses. The project’s net operating loss

Kentucky gross profits of the

KJRA

project from the

from prior years must be subtracted from the project

LLET at the entity level.

income before calculating the

KJRA

credit.

Multiple Projects—A pass–through entity with multiple

General Partnership—Lines 5 and 6 of this schedule

economic development projects must complete an

shall not be completed by a general partnership as a

applicable schedule (Schedule KREDA–SP , Schedule

general partnership is not subject to LLET.

KIDA–SP, Schedule KEOZ–SP, Schedule KJRA–SP,

Schedule KIRA–SP, Schedule KJDA–SP, Schedule

Line 5—Using Schedule LLET, create a new Schedule

KBI–SP, Schedule KRA–SP or Schedule IEIA–SP) to

LLET to compute the LLET of the

KJRA

project using

determine the credit and net tax liability, if any, for

only the Kentucky gross receipts and Kentucky gross

each project.

profits of the project. Enter “KJRA” at the top center

of the Schedule LLET and attach it to the tax return.

Line 1—If the pass–through entity’s only operation is

the

KJRA

project, the amount entered on Line 1 is the

Line 9—In lieu of the tax credit, the approved

net income (loss) from Form 720S, 765 or 765–GP . If

company may elect, on an annual basis, to apply as

the pass–through entity has operations other than the

an estimated tax payment an amount equal to the

KJRA

project, a schedule must be attached reflecting

allowable tax credit. Any estimated tax payment shall

the computation of the net income (loss) from the

KJRA

be in satisfaction of the tax liability of the partners,

project in accordance with the following instructions,

members or shareholders of the pass–through entity,

and such amount entered on Line 1.

and shall be paid on behalf of the partners, members

or shareholders. Enter an amount on either (a) or (b),

Separate Facility—In accordance with KRS 141.402(6),

but in no case shall there be an entry on both (a) and

if the project is a totally separate facility, net income,

(b). In accordance with KRS 141.402(5), this estimated

Kentucky gross receipts, and Kentucky gross profits

tax payment is excluded in determining each partner,

attributable to the project shall be determined by a

member or shareholder’s distributive share income

separate accounting method.

or credit from a pass–through entity. Accordingly, the

partners, members or shareholders are not entitled

Alternative Methods—In accordance with KRS 141.402(7),

to claim any portion of this estimated tax payment

if the approved company can show that the nature of the

against their Kentucky income tax liability.

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