Schedule Keoz - Tax Credit Computation Schedule (For A Keoz Project Of A Corporation)

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SCHEDULE KEOZ
*1200010238*
For taxable year ended
__ __ / __ __
41A720-S40 (10-12)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
TAX CREDIT COMPUTATION SCHEDULE
(FOR A KEOZ PROJECT OF A CORPORATION)
➤ See instructions.
KRS 154.23-005 to 080
➤ Attach to Form 720.
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
Location of Project
Activation Date of KEOZ
Economic Development
Incentive Agreement
Project Number
/
/
Mo.
Day
Yr.
City
County
PART I—Computation of LLET Excluding KEOZ Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KEOZ project (see instructions) ............................................................................................
2
00
3. LLET excluding LLET on KEOZ project (line 1 less line 2) .................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KEOZ Project and KEOZ 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 KEOZ Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KEOZ project; if loss, enter -0- ......................................................................
2
00
3. 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
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 KEOZ project (add lines 4(a) through 4(c)) ...................... 4(d)
00
5. LLET excluding LLET on KEOZ 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 KEOZ project (lines 4(d) and 5 less line 6) ........................................................
7
00
8. Total tax attributable to KEOZ 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 KEOZ project from Part II, Section B, line 8 .................................
1
00
2. Enter limitation from Schedule KEOZ-T, Column G ..........................................................................
2
00
3. Allowable KEOZ 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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