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41A720-S45 (10-08)

Page 2

INSTRUCTIONS—SCHEDULE KJRA

The KJRA tax credit is applied against the corporation income tax imposed under KRS 141.040 and/or the limited

liability entity tax (LLET) imposed under KRS 141.0401. The amount of tax credit against each tax can be different,

however, for tracking purposes, the maximum amount of credit used against either tax is the amount that is used

for the tax year.

PURPOSE OF SCHEDULE—This schedule is used by any

Part III—Limitation

corporation which has entered into a ﬁ nancing agreement

or a tax incentive agreement for a Kentucky Jobs Retention

Calculate KJRA tax credit based on the corporation’s tax

Act (KJRA) project to determine the credit allowed against

liability, tax liability attributable to KJRA project and credit

the Kentucky corporation income tax and LLET attributable

limitation from Schedule KJRA-T. Enter credit on Schedule

to the project in accordance with KRS 141.402.

TCS, Part I, Column E and Column F .

A corporation with more than one economic development

GENERAL INSTRUCTIONS

project must separately compute the tax credit derived

from each project. Complete an applicable tax computation

Part I—Computation of LLET Excluding KJRA Project

schedule (Schedule KREDA, Schedule KIDA, Schedule

KJDA, Schedule KIRA, Schedule KEOZ, Schedule KRA or

Schedule KJRA) for each project. Approved companies

Line 2—Using Schedule LLET, compute the LLET using

for Skills Training Investment Credit (STICA) must attach

only the gross receipts and gross proﬁ ts of the KJRA

a copy of the ﬁ nal resolution received from the Bluegrass

project in accordance with KRS 141.402(6)(b). Mark this

State Skills Corporation.

schedule as KJRA and attach to the return.

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

Part II—Computation of Taxable Net Income Excluding Net

if the approved company can show that the nature of the

Income from KJRA Project and KJRA Tax Credit

operations and activities of the approved company are

such that it is not practical to use separate accounting to

Section B

determine net income, gross receipts or Kentucky gross

proﬁ ts from the facility at which the project is located,

Line 2—Enter net income for KJRA project. If the

the approved company shall determine net income,

corporation’s only operation in Kentucky is the KJRA

gross receipts or Kentucky gross proﬁ ts attributable to

project, the amount entered on Line 1 must be entered

the project using an alternative method approved by the

on Line 2.

Department of Revenue. Thus, if any method other than

separate accounting is used, a copy of the letter from the

See form for computation.

Department of Revenue approving the alternative method

must be attached to this schedule.

Form 41a720-S45 Draft - Schedule Kjra - Tax Credit Computation Schedule (For A Kjra Project Of Corporations) - 2008 Page 2

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