Form 41a720-S24 - Schedule Kira - Tax Credit Computation Schedule (For A Kira Project Of A Corporation)
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SCHEDULE KIRA
Taxable Year Ending
__ __ / __ __
41A720-S24 (10-16)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
➤ See instructions.
(F
A KIRA P
O
A C
OR
ROJECT
F
ORPORATION)
➤ Attach to Form 720.
KRS 154.26-010 to 120
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ — __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Activation Date of KIRA
Economic Development
Incentive Agreement
Project Number
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of LLET Excluding KIRA Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KIRA project (see instructions) .............................................................................................
2
00
3. LLET excluding LLET on KIRA project (line 1 less line 2) ..................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KIRA Project and KIRA Tax Credit
Section A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part II, line 1 ..................................................................................
1
00
2. LLET of corporation (Part I, line 1) .......................................................................................................
2
00
3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................
3
00
4. Total corporation tax (lines 1 and 2 less line 3) ..................................................................................
4
00
Section B–Computation of Tax Excluding KIRA Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KIRA project; if loss, enter -0- .......................................................................
2
00
3. Taxable net income excluding net income from KIRA project (line 1 less line 2). If line 2 is
greater than line 1, enter -0- ................................................................................................................
3
00
4. Corporation income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 .......................
X 4%
00
(b) Next $50,000 .......................
X 5%
00
(c) All income over $100,000 ...
X 6%
00
(d) Total income tax liability excluding KIRA project (add lines 4(a) through 4(c)) ........................ 4(d)
00
5. LLET excluding LLET on KIRA project (Part I, line 3) .........................................................................
5
00
6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................
6
00
7. Total tax excluding KIRA project (lines 4(d) and 5 less line 6) ..........................................................
7
00
8. Total tax attributable to KIRA project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 .............................................................
8
00
PART III—Limitation
1. Enter tax liability attributable to KIRA project from Part II, Section B, line 8 ...................................
1
00
2. Enter limitation from Schedule KIRA-T, Column D ............................................................................
2
00
3. Allowable KIRA tax credit (lesser of line 1 or line 2) .........................................................................
3
00
Enter allowable credit on Schedule TCS, Part I, Column E and Column F
➤ Economic development project means a project authorized under the Kentucky Rural Economic Development Act (KREDA),
Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Tax Credit Program (KSBTC), Kentucky Industrial
Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement (KJRA),
Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment Program
(KBI), Kentucky Reinvestment Act (KRA), Skills Training Investment Credit Act (STICA) and Incentives for Energy Independence
Act (IEIA).
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