Form 41a720-S40 - Schedule Keoz - Tax Credit Computation Schedule

KEOZ

For taxable year ended

SCHEDULE

TAX CREDIT COMPUTATION SCHEDULE

__ __ / __ __

41A720-S40

(12-04)

Mo.

Yr.

Commonwealth of Kentucky

(FOR A KEOZ PROJECT OF C CORPORATIONS)

DEPARTMENT OF REVENUE

KRS 154.23-005 to 079

Name of Corporation

Federal Identification Number

Kentucky Account Number

_ _

_ _ _ _ _ _ _

_ _ _ _ _ _

—

Location of Project

Activation Date

Economic Development

of KEOZ Agreement

Project Number

_ _ / _ _ / _ _

City

County

Mo.

Day

Yr.

PART I. Computation of Taxable Net Income Excluding Net Income from KEOZ Project

1. Kentucky taxable net income from Form 720 ....................................................................................... 1

2. Less net income from KEOZ 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 KEOZ project (line 1 less line 2)

(if line 2 is greater than line 1, enter -0-) ................................................................................................ 3

PART II. Computation of KEOZ 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 .....................

(b)

Next $25,000 ....................

(c)

Next $50,000 ....................

(d)

Next $150,000 ..................

(e)

All over $250,000 .............

8.25%

(f)

Total (add (a) through (e)) ............................................................................................................ 2(f)

3. Income tax liability attributable to KEOZ project (subtract line 2(f) from line 1) ................................ 3

4. Limitation (Column G from Schedule KEOZ-T) ..................................................................................... 4

5. Allowable KEOZ 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 3, and in Column H of Schedule KEOZ-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 Rural

Economic Development Act (KREDA), the Kentucky Jobs Development Act (KJDA), the

Kentucky Industrial Revitalization Act (KIRA), the Kentucky Industrial Development Act

(KIDA), 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.

Form 41a720-S40 - Schedule Keoz - Tax Credit Computation Schedule - 2004

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