Form 41a720-S35 Schedule Kra - Tax Credit Computation Schedule

For taxable year ended

SCHEDULE KRA

*1200010250*

__ __ / __ __

41A720-S35 (10-12)

Mo.

Yr.

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

REDIT

OMPUTATION

CHEDULE

➤ See instructions.

A KRA P

ROJECT

F A

ORPORATION)

➤ Attach to Form 720.

KRS 154.34-010 to 120

Name of Corporation

Federal Identification Number

Kentucky Corporation/LLET

Account Number

__ __ — __ __ __ __ __ __ __

__ __ __ __ __ __

Location of Project

Activation Date of KRA

Economic Development

Incentive Agreement

Project Number

Mo.

Day

Yr.

City

County

PART I—Computation of LLET Excluding KRA Project

1. LLET from Form 720, Part I, line 1 .......................................................................................................

2. LLET on KRA project (see instructions) ..............................................................................................

3. LLET excluding LLET on KRA project (line 1 less line 2) ...................................................................

PART II—Computation of Taxable Net Income Excluding Net Income from KRA Project and KRA Tax Credit

Section A–Computation of Corporation Tax

1. Enter income tax from Form 720, Part II, line 1 .................................................................................

2. LLET of corporation (Part I, line 1) ......................................................................................................

3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................

4. Total corporation tax (lines 1 and 2 less line 3) .................................................................................

Section B–Computation of Tax Excluding KRA Project

1. Enter taxable net income from Form 720, Part III, line 25 .................................................................

2. Enter net income from KRA project; if loss, enter -0- ........................................................................

3. Taxable net income excluding net income from KRA project (line 1 less line 2). If line 2

is greater than line 1, enter -0- ............................................................................................................

4. Corporation income tax on amount from line 3:

Taxable Net Income

Rate

Tax

(a) First $50,000 ........................

X 4%

(b) Next $50,000 .......................

X 5%

X 6%

(d) Total income tax liability excluding KRA project (add lines 4(a) through 4(c)) ........................ 4(d)

5. LLET excluding LLET on KRA project (Part I, line 3) ..........................................................................

6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................

7. Total tax excluding KRA project (lines 4(d) and 5 less line 6) ...........................................................

8. Total tax attributable to KRA project (Section A, line 4 less Section B, line 7)

Continue to Part III and enter this amount on Part III, line 1 .............................................................

PART III—Limitation

1. Enter tax liability attributable to KRA project from Part II, Section B, line 8 ...................................

2. Enter balance of approved costs from Schedule KRA-T, Column B ................................................

3. Enter the limitation as provided by KRS 154.34-120(5) (see instructions) .......................................

4. Allowable KRA tax credit (lesser of line 1, 2 or 3) ..............................................................................

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).

Form 41a720-S35 Schedule Kra - Tax Credit Computation Schedule - 2012

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