Form 41a720-S18 - Schedule Kreda-Sp - Tax Computation Schedule (For A Kreda Project Of S Corporations Or Partnerships) - 2004
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1KREDA-SP
For taxable year ended
SCHEDULE
TAX COMPUTATION SCHEDULE
__ __ / __ __
41A720-S18
(FOR A KREDA PROJECT OF
(12-04)
Mo.
Yr.
S CORPORATIONS OR PARTNERSHIPS)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
KRS 154.22-010 to 100
Name of S Corporation or Partnership
Federal Identification Number
Kentucky Account Number
(if applicable)
_ _ – _ _ _ _ _ _ _
_ _ _ _ _ _
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 KREDA Tax Credit and Tax Due
1. Kentucky taxable net income from KREDA project (see instructions) ................................................ 1
2. Compute tax on amount from line 1:
Taxable Net Income
Rate
Tax
(a)
First $3,000 .......................
x
2%
(b)
Next $1,000 ......................
x
3%
(c)
Next $1,000 ......................
x
4%
(d)
Next $3,000 ......................
x
5%
(e)
All over $8,000 .................
x
6%
(f)
Total income tax liability of KREDA project (add lines 2(a) through 2(e)) ............................... 2(f)
3. Limitation (Column E from Schedule KREDA-T) ................................................................................... 3
4. Enter lesser of line 2(f) or line 3 as either:
(a)
KREDA tax credit .......................................................................................................................... 4(a)
or
(b)
Estimated tax payment and complete election in Part II .......................................................... 4(b)
5. If line 2(f) is larger than line 4(a) or 4(b), enter difference here as the net income tax
liability of the S corporation or partnership. (Any partnership reflecting a tax liability
complete Tax Payment Summary below and remit payment. Any S corporation reflecting
a tax liability enter this amount on Form 720S, Part II, line 10, and remit payment.) ....................... 5
PART II. Estimated Tax Election
In accordance with KRS 141.347(4)(b),
Name of S Corporation or Partnership
elects for the taxable year ended
, in lieu of the KREDA tax credit, to have an amount equal
to the lesser of line 2(f) or line 3 above applied as an estimated tax payment.
Signature of Corporate Officer or General Partner
Title
Date
TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.)
Tax
Interest
Penalty
TOTAL
Form 720S, Kentucky S Corporation Income and License Tax Return, or Form 765, Kentucky Partnership Income
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.
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