Form 41a720-S25 - Schedule Kira-T - Tracking Schedule For A Kira Project - 2016 Page 2
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41A720-S25 (10-16)
INSTRUCTIONS—SCHEDULE KIRA-T
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
PURPOSE OF SCHEDULE—This schedule is used by
Economic Development Finance Authority. Refer to your
a company which has entered into a revitalization
agreement for the applicable percentage. For each year
agreement for a Kentucky Industrial Revitalization
thereafter, if the amount entered in Column D for the
(KIRA) project to maintain a record of the approved
prior year exceeds the combined total of income tax
c o s t s , w a g e a s s e s s m e n t f e e s a n d i n c o m e ,
credit and corporation license tax credit claimed for the
limited liability entity tax and license tax* credits
prior year in Column E, enter the difference.
for the duration of the revitalization agreement. This
information is necessary for the company to determine
Column C—Enter the total amount of employee wage
the limitation of the tax credit for each year of the
assessments (both the state and local portion) withheld
revitalization agreement and to allow the Kentucky
from the salaries of employees during the taxable year,
Department of Revenue to verify that the credit has been
or the appropriations received during the taxable year
properly computed.
if an appropriation agreement was entered into in lieu
of utilization of the wage assessment.
GENERAL INSTRUCTIONS
Column D—Enter the result of subtracting the amount
A single Schedule KIRA-T, Tracking Schedule
entered in Column C from the amount entered in
for a KIRA Project, shall be maintained for the duration
Column B. Also, enter on Schedule KIRA, Part III, Line
2 or Schedule KIRA-SP, Part I, Line 8, whichever is
of each KIRA project. Beginning with the first taxable
year of the KIRA revitalization agreement, complete
applicable.
Columns A through E using a separate line for each
year of the revitalization agreement. The company shall
Column E—The KIRA tax credit is applied against the
attach a copy of this schedule updated with current year
corporation income tax imposed under KRS 141.040
information to the Schedule KIRA or Schedule KIRA-SP
and/or the limited liability entity tax imposed under KRS
which is filed with the Kentucky tax return for the year.
141.0401. The tax credit calculated for each tax can be
different; however, for tracking purposes, the maximum
For Form 720, all tax credits are entered on Schedule
amount used against either tax is recorded as amount
TCS, Tax Credit Summary Schedule. The total tax credits
claimed. Enter the greater of Column E or Column F from
calculated may exceed the amount that can be used.
Schedule TCS for this project.
Credits must be claimed in the order prescribed by KRS
141.0205. Total credits claimed cannot reduce the LLET
below the $175 minimum. Total credits claimed cannot
reduce the income tax liability below zero.
SPECIFIC INSTRUCTIONS
Column A—Enter on each line the ending date (month
and year) of the taxable year for which the information
* Prior to January 1, 2006, KIRA tax credits were applied
requested in Columns B through E is entered.
against corporation license tax. The tax was repealed
effective for tax periods ending on or after December
Column B—For the taxable year that includes the
31, 2005. KIRA credit used to offset license tax prior to
revitalization agreement date, enter 50 percent or 75
that effective date must be reported on the Schedule
percent of the approved costs as verified by the Kentucky
KIRA-T.
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