Form 41a720-S20 - Schedule Kida - Tax Credit Computation Schedule - 2004

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KIDA
For taxable year ended
SCHEDULE
TAX CREDIT COMPUTATION SCHEDULE
__ __ / __ __
41A720-S20
(12-04)
Mo.
Yr.
(FOR A KIDA PROJECT OF C CORPORATIONS)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
KRS 154.28-010 to 130
Name of Corporation
Federal Identification Number
Kentucky Account Number
_ _
_ _ _ _ _ _ _
_ _ _ _ _ _
—
Location of Project
Date KIDA Financing/Tax Incentive
Economic Development
Agreement was Executed
Project Number
or Activation Date
_ _ / _ _ / _ _
City
County
Mo.
Day
Yr.
PART I. Computation of Taxable Net Income Excluding Net Income from KIDA Project
1. Kentucky taxable net income from Form 720 ....................................................................................... 1
2. Less net income from KIDA project. If loss, enter amount of loss. Skip to Part II, line 5, and
enter -0- as allowable credit (see instructions) (attach schedule) ....................................................... 2
3. Kentucky taxable net income excluding net income from KIDA project (line 1 less line 2)
(if line 2 is greater than line 1, enter -0-) ................................................................................................ 3
PART II. Computation of KIDA Tax Credit
1. Enter total income tax liability from Form 720, Part II, line 1 ............................................................... 1
2. Compute tax on amount from Part I, line 3:
Taxable Net Income
Rate
Tax
(a)
First $25,000 .....................
x
4%
(b)
Next $25,000 ....................
x
5%
(c)
Next $50,000 ....................
x
6%
(d)
Next $150,000 ..................
x
7%
(e)
All over $250,000 .............
x
8.25%
(f)
Total (add (a) through (e)) ............................................................................................................ 2(f)
3. Income tax liability attributable to KIDA project (subtract line 2(f) from line 1) ................................. 3
4. Limitation (Column D from Schedule KIDA-T) ...................................................................................... 4
5. Allowable KIDA tax credit (lesser of line 3 or line 4). If this project is the corporation's only
economic development project, enter the amount from this line on Form 720, Part II, line 2,
and in Column E of Schedule KIDA-T. If the corporation has more than one economic
development project, see instructions for Part II, line 5, on the reverse ............................................ 5
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) or the Skills Training Investment Credit Act (STICA).
Form 720, Kentucky Corporation Income and License Tax Return, 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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