Schedule Fd - Food Donation Tax Credit Krs 141.392 (Page 2 of 2) in pdf

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41A720FD (06-16)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

Part IV - Donee Acknowledgement - To be completed by the charitable organization

I, the undersigned, declare under the penalties of perjury, that this charitable organization is exempt from federal

income tax under Section 501(c)(3) of the Internal Revenue Code, that it operates a surplus food collection and

distribution program as defined in KRS 141.392(1)(c), and that I have examined this schedule, and to the best of my

knowledge and belief, it is true, correct and complete.

Name of Charitable Organization (Donee)

Employer Identification Number

Address (Number, Street, and Room or Suite No.)

City, State and Zip Code

Authorized Signature

Title

Date

INSTRUCTIONS—SCHEDULE FD

PURPOSE OF SCHEDULE—This schedule is used by a

A tax credit not used by a qualified taxpayer in the

qualified taxpayer (donor) who provides free of fee or

current taxable year may be carried forward for up to

charge edible agriculture products to a nonprofit food

four (4) succeeding years.

program operating in Kentucky as provided by KRS

GENERAL INSTRUCTIONS

141.392.

Part I – Qualifications

For taxable years beginning on or after January 1, 2014,

but before January 1, 2018, any donor shall be allowed a

Answer the questions provided in Part I and proceed to

nonrefundable credit (food donation tax credit) against

Part II if applicable.

the tax imposed by KRS 141.020 or 141.040 and 141.0401,

with the ordering of credits as provided by KRS 141.0205,

Part II – Information on Donated Food

in the amount equal to ten percent (10%) of the value

of the donated edible agricultural products. A qualified

Check the box that best describes the donated food. If

taxpayer claiming the food donation tax credit shall

the box for “Other edible product” is checked, describe

attach this schedule to the applicable tax return.

the product in the space provided.

A qualified taxpayer means a person responsible for

Lines 1 through 6—Enter the following: Column A, the

and deriving income from: (i) growing fruits, vegetables,

description of the item of food being donated; Column

or other edible agriculture products; or (ii) raising beef,

B, the date donated; Column C, the quantity of the food

poultry, pork, fish, or other edible agriculture products.

item; Column D, the fair market price of each unit of

Edible agriculture products means fruits, vegetables,

measure; and Colum E, the total fair market value.

beef, poultry, pork, fish, or any other edible product

raised or grown in Kentucky that is intended for and fit

Attach a separate schedule if more than 6 items are

for human consumption. KRS 141.392

being donated.

A qualified taxpayer that is a pass-through entity

KRS 141.392(3)(b) provides that a donor shall determine

not subject to the tax imposed by KRS 141.040 shall

the value of the donated edible agriculture products

apply the food donation tax credit against the limited

as follows: (i) if there was a previous sale of the edible

liability entity tax imposed by KRS 141.0401, and shall

agriculture products to a buyer, the donor shall retain a

distribute the amount of the approved tax credit to each

copy of an invoice or other statement identifying the price

partner, member or shareholder based on the partner’s,

received by the donor for the edible agriculture products

member’s or shareholder’s distributive share of income

of comparable grade and quality; or (ii) If there is no

as determined for the taxable year during which the

previous sale to a buyer, the donor shall on the date of

tax credit is approved, with the ordering of credits as

the donation, determine the value of the donated edible

provided by KRS 141.0205.

agriculture products based on the fair market value as

Schedule Fd - Food Donation Tax Credit Krs 141.392 Page 2

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