Form 41a720-S45 Draft - Schedule Kjra - Tax Credit Computation Schedule (For A Kjra Project Of Corporations) - 2008

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*0800010293*
SCHEDULE KJRA
For taxable year ended
__ __ / __ __
41A720-S45 (10-08)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
(F
A KJRA PROJECT O
C
)
OR
F
ORPORATIONS
➤ Attach this schedule to Form 720.
KRS 154.25-010 to 050
Name of Corporation
Federal Identifi cation Number
Kentucky Corporation/LLET
Account Number
__ __ — __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Date KJRA Agreement was
Economic Development
Executed or Activation Date
Project Number
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of LLET Excluding KJRA Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................... 1
2. LLET on KJRA project (see instructions) ............................................................................................... 2
3. LLET excluding LLET on KJRA project (line 1 less line 2) .................................................................... 3
PART II—Computation of Taxable Net Income Excluding Net Income from KJRA Project and KREDA Tax Credit
Section
A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part III, line 1 .................................................................................... 1
2. LLET of corporation (Part I, line 1) .......................................................................................................... 2
3. LLET credit allowed (line 2 less $175, but not more than Section A, line 1) ....................................... 3
4. Total corporation tax (add lines 1 and 2 less line 3) ............................................................................. 4
Section B–Computation of Tax Excluding KJRA Project
1. Enter taxable net income from Form 720, Part II, line 23 ..................................................................... 1
2. Enter net income from KJRA project, if loss enter -0- .......................................................................... 2
3. Taxable income excluding net income from KJRA project (line 1 less line 2). If line 2 is greater
than line 1, enter -0- ................................................................................................................................ 3
4. Corporation income tax on amount of line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 .......................
_____________________________
X 4%
_______________________
(b) Next $50,000 .......................
_____________________________
X 5%
_______________________
(c) All income over $100,000 ...
_____________________________
X 6%
_______________________
(d) Total income tax liability excluding KJRA project (add lines 4(a) through 4(c)) ......................... 4(d)
5. LLET excluding LLET on KJRA project (Part I, Line 3) .......................................................................... 5
6. Enter LLET from line 5 less $175, but not more than Section B, line 4(d) .......................................... 6
7. Total tax excluding KJRA project (add lines 4(d) and 5 less line 6) ..................................................... 7
8. Total tax attributable to KJRA project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 ................................................................ 8
PART III—Limitation
1. Enter tax liability attributable to KJRA project from Part II, Section B, line 8 ..................................... 1
2. Enter limitation from Schedule KJRA-T, Column E ............................................................................... 2
3. Allowable KJRA tax credit (lesser of line 1 or line 2) ........................................................................... 3
Enter allowable credit on Schedule TCS, Part I, Column E and Column F
➤ Economic development project means a project authorized under the Kentucky Industrial Development Act (KIDA), the Kentucky
Rural Economic Development Act (KREDA), the Kentucky Jobs Development Act (KJDA), the Kentucky Industrial Revitalization
Act (KIRA), the Kentucky Economic Opportunity Zone (KEOZ), the Kentucky Reinvestment Act (KRA), the Kentucky Job Retention
Act (KJRA) or the Skills Training Investment Credit Act (STICA).
The Kentucky Corporation Income Tax and LLET Return (Form 720), 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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