Form 41a720bio - Schedule Bio - Application And Credit Certificate Of Income Tax/llet Credit Biodiesel - 2016 Page 2

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41A720BIO (10–16)

Page 2

INSTRUCTIONS FOR SCHEDULE BIO

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

The biodiesel tax credit is applied against the individual income tax imposed by KRS 141.020, the corporation income tax imposed by KRS

141.040 and/or the limited liability entity tax (LLET) imposed by KRS 141.0401. The amount of tax credit claimed against the corporation

income tax and LLET can be different.

Purpose of Schedule—The application and credit certification

Line 3—Enter the number of gallons of renewable diesel produced

schedule is to report the number of gallons of biodiesel produced

in this state for the calendar year.

and/or B100 blended and renewable diesel produced in this state

meeting the current ASTM standards. Re–blending of blended

Part II and Part III

biodiesel does not qualify for this credit. The Department of Revenue

will certify the amount of biodiesel credit for each taxpayer. It is

These parts are completed by the Department of Revenue to

effective for biodiesel produced and/or blended and renewable diesel

determine the biodiesel credit for each taxpayer. Part III is used

produced on or after January 1, 2008. The taxpayer is not entitled

if the total amount of approved credit for all biodiesel producers

to the credit for biodiesel produced and/or blended and renewable

and blenders and renewable diesel producers exceeds the annual

diesel produced in another state.

biodiesel tax credit cap.

The credit rate is $1 per gallon with a total cap for all taxpayers not

Part II—Biodiesel Gallons Approved

to exceed $10,000,000 annually. There is no carryforward for any

unused credit.

Line 1—This is the amount of biodiesel and renewable diesel

gallons approved by the Department of Revenue for credit. If the

To ensure proper processing, fax or email Schedule BIO to the

approved credit exceeds the biodiesel tax credit cap, then the credit

Department of Revenue no later than January 15 following the close

is determined by the department in Part III. It is a nonrefundable

of the preceding calendar year. Schedules postmarked or sent after

credit.

January 15 are void. Credit certification cannot be guaranteed for

schedules sent through regular mail.

A pass-through entity shall include on each Schedule K-1 the

Fax number: (502) 564–0058

partner’s, member’s, shareholder’s or beneficiary’s pro rata share

of the approved credit. In addition, a pass-through entity shall

Email address:

notify the department electronically of all partners, members,

KRC.WEBResponseEconomicDevelopmentCredits@ky.gov

shareholders or beneficiaries who may claim any amount of the

approved credit. Failure to provide information to the department

The Department of Revenue will confirm the receipt of the

in the following manner may constitute the forfeiture of available

application. If you do not receive confirmation within two weeks of

credits to all partners, members, shareholders or beneficiaries in

submitting the application, contact the Division of Corporation Tax

the pass-through entity.

at (502) 564-8139.

Email address:

The Department of Revenue will issue the credit certificate, listing

KRC.WEBResponseEconomicDevelopmentCredits@ky.gov

the amount of credit available, by April 15 following the close of

the preceding calendar year. Attach the credit certificate to the tax

The electronic mail shall contain a separate attachment in plain

return claiming the credit.

format text or plain ASCII format that includes each partner’s,

member’s, shareholder’s or beneficiary’s: (a) Name; (b) Address;

General Instructions—For the calendar year, enter the applicable

year.

Distributive share of the tax credit.

Check the appropriate entity type. If taxed as an entity type other than

corporation, limited liability pass–through entity, general partnership

Part III—Biodiesel Approved Credit Certificate

or individual, check the “Other” box and list the entity type.

The Department of Revenue determines the total approved credit. If

Federal Identification Number—For an individual, enter the

it exceeds the biodiesel tax credit cap of $10,000,000, the department

Social Security number; for all other entities, enter the FEIN.

will compute each taxpayer’s approved credit based upon a fraction

the numerator (Line 1(a)) being the credit approved for the taxpayer

Testing—The regulation 103 KAR 15:140 provides that a copy of the

and the denominator (Line 1(b)) being the total credit approved for all

laboratory results for July 1 and December 31 of each calendar year

taxpayers. The biodiesel tax credit cap is multiplied by this fraction

shall be attached to the application, Schedule BIO, submitted to the

to determine each producer’s and/or blender’s approved credit.

Department of Revenue. Failure to provide proof of meeting the

ASTM standard on July 1 and December 31 of each calendar year

Part IV—Biodiesel Credit Used By Taxpayer

with the application shall result in the denial of the credit for gallons

of biodiesel or renewable diesel back to the previous testing date of

Line 1—Enter the amount of credit claimed for the taxable year

July 1 or December 31.

against the LLET on Schedule TCS, Part II, Column E. The credit

amount cannot reduce the LLET below the $175 minimum.

Part I—Gallons Produced and/or Blended in Kentucky During the

Calendar Year

Line 2—Enter the amount of credit claimed for the taxable year

against the corporation income tax on Schedule TCS, Part II, Column

Line 1—Enter the number of gallons of B100 biodiesel produced in

F .

this state for the calendar year.

Line 3—Enter the amount of credit claimed for the taxable year on

Line 2—Enter the number of gallons of B100 biodiesel used in the

Form 740, 740–NP or 741.

blended biodiesel produced in this state for the calendar year. Re-

blending of blended biodiesel does not qualify for this credit.

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