Form 41a720-S53 Draft - Schedule Kbi - Tax Credit Computation Schedule (For A Kbi Project Of A Corporation)
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1
2For taxable year ended
SCHEDULE KBI
*1200010313*
__ __ / __ __
41A720–S53 (10–12)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
➤ See instructions.
(F
A KBI P
O
C
OR
ROJECT
F A
ORPORATION)
➤ Attach to Form 720.
KRS 154.32–010 to 100
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ – __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Activation Date of KBI
Economic Development
Incentive Agreement
Project Number
/
/
Mo.
Day
Yr.
City
County
PART I—Computation of LLET Excluding KBI Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KBI project (see instructions) ................................................................................................
2
00
3. LLET excluding LLET on KBI project (line 1 less line 2) .....................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KBI Project and KBI 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 KBI Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KBI project; if loss, enter -0- .........................................................................
2
00
3. Taxable net income excluding net income from KBI 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 KBI project (add lines 4(a) through 4(c)) .......................... 4(d)
00
5. LLET excluding LLET on KBI 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 KBI project (lines 4(d) and 5 less line 6) ............................................................
7
00
8. Total tax attributable to KBI 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 KBI project from Part II, Section B, line 8 .....................................
1
00
2. Enter balance of approved costs from Schedule KBI-T, Column E ..................................................
2
00
3. Allowable KBI 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 Investment Credit Program (KSBIC), 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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