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KREDA

SCHEDULE

For taxable year ended

TAX CREDIT COMPUTATION SCHEDULE

41A720-S16

__ __ / __ __

(12-04)

Mo.

Yr.

Commonwealth of Kentucky

(FOR A KREDA PROJECT OF C CORPORATIONS)

DEPARTMENT OF REVENUE

KRS 154.22-010 to 100

Name of Corporation

Federal Identification Number

Kentucky Account Number

_ _

_ _ _ _ _ _ _

_ _ _ _ _ _

—

Location of Project

Date KREDA 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 KREDA Project

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

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

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

PART II. Computation of KREDA 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 KREDA project (subtract line 2(f) from line 1) ............................. 3

4. Limitation (Column E from Schedule KREDA-T) ................................................................................... 4

5. Allowable KREDA 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 F of Schedule KREDA-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.

Schedule Kreda (Form 41a720-S16) - Tax Credit Computation Schedule - Kentucky Department Of Revenue

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