Form 41a720-S22 - Schedule Kida-Sp - Tax Computation Schedule (For A Kida Project Of A General Partnership)
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1*0600010243*
For taxable year ended
SCHEDULE KIDA-SP
__ __ / __ __
41A720-S22 (10-06)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
S
AX
OMPUTATION
CHEDULE
(FOR A KIDA PROJECT OF A GENERAL PARTNERSHIP)
➤ Attach to Form 765-GP.
KRS 154.28-010 to 130
Name of General Partnership
Federal Identification Number
_ _ – _ _ _ _ _ _ _
Location of Project
Date KIDA Financing/Tax Incentive
Economic Development
Agreement was Executed
Project Number
or Activation Date
_ _ / _ _ / _ _
City
County
Mo.
Day
Yr.
PART I—Computation of KIDA Tax Credit and Tax Due
1. Kentucky taxable net income from KIDA project (see instructions) .................................................... 1
2. Net operating loss deduction from KIDA project .................................................................................. 2 (
)
3. Kentucky taxable net income from KIDA project after net operating loss deduction
(subtract line 2 from line 1) ..................................................................................................................... 3
4. Compute 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 KIDA project (add lines 4(a) through 4(f)) .................................... 4(g)
5. Limitation (Column D from Schedule KIDA-T) ...................................................................................... 5
6. Enter lesser of line 4(g) or line 5 as either:
(a) KIDA tax credit ............................................................................................................................... 6(a)
or
(b) Estimated tax payment and complete election in Part II ............................................................ 6(b)
7. If line 4(g) is larger than line 6(a) or 6(b), enter difference here as the net income tax
liability of the general partnership. (Any general partnership reflecting a tax liability
complete Tax Payment Summary below and remit payment.) ........................................................... 7
PART II—Estimated Tax Election
In accordance with KRS 141.400(4)(b),
Name of General Partnership
elects for the taxable year ended
, in lieu of the KIDA tax credit, to have an amount equal
to the lesser of line 4(g) or line 5 above applied as an estimated tax payment.
➤
Signature of General Partner
Date
TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.)
Tax
Interest
Penalty
TOTAL
Form 765-GP, Kentucky Partnership Income Return, 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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