Form 41a720-S26 Draft - Schedule Kira-Sp - Tax Computation Schedule (For A Kira Project Of A Pass-Through Entity)
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1
2*0900010246*
For taxable year ended
SCHEDULE KIRA-SP
__ __ / __ __
41A720-S26 (10-09)
Mo.
Yr.
Commonwealth of Kentucky
T
C
S
AX
OMPUTATION
CHEDULE
DEPARTMENT OF REVENUE
➤ Attach this schedule to
(FOR A KIRA PROJECT OF A PASS-THROUGH ENTITY)
Form 720S, Form 765 or Form 765-GP .
KRS 154.26-010 to 120
Name of Pass-through Entity
Federal Identifi cation Number
Kentucky Corporation/LLET
Account Number (if applicable)
__ __ __ __ __ __
__ __ __ __ __ __ __ __ __
Location of Project
Date KIRA Revitalization
Economic Development
Agreement was Executed
Project Number
or Activation Date
/
/
City
County
Mon.
Day
Yr.
PART I—Computation of KIRA Tax Credit and Tax Due
1. Kentucky taxable income on KIRA project (see instructions) .............................................................
1
00
2. Net operating loss deduction on KIRA project .....................................................................................
2 (
) 00
3. Kentucky taxable income on KIRA project after net operating loss deduction
(line 1 less line 2) ....................................................................................................................................
3
00
4. Income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $3,000 ........................
x
2%
00
(b) Next $1,000 ........................
x
3%
00
(c) Next $1,000 ........................
x
4%
00
(d) Next $3,000 ........................
x
5%
00
(e) Over $8,000 up to $75,000
x
5.8%
00
(f) Over $75,000.......................
x
6%
00
(g) Total income tax liability of KIRA project (add lines 4(a) through 4(f)) ....................................... 4(g)
00
5. LLET on KIRA project (see instructions). Not applicable for Form 765-GP ........................................
5
00
6. LLET credit allowed (line 5 less $175, but not more than line 4(g)). Not applicable for
Form 765-GP ...........................................................................................................................................
6
00
7. Total tax on KIRA project (add lines 4(g) and 5 less line 6) .................................................................
7
00
8. Limitation (Column D from Schedule KIRA-T) .....................................................................................
8
00
9. Enter the lesser of line 7 or line 8 as either:
(a) KIRA tax credit ................................................................................................................................. 9(a)
00
or
(b) Estimated tax payment and complete election in Part II .............................................................. 9(b)
00
10. If line 7 is larger than line 9(a) or 9(b), enter difference here as a liability of the
pass-through entity. (Any pass-through entity refl ecting a tax liability, complete
Tax Payment Summary below and remit payment.) ........................................................................... 10
00
PART II—Estimated Tax Election
In accordance with KRS 141.403(4)(b),
Name of Pass-through Entity
elects for the taxable year ended
, in lieu of the
tax credit, to have an amount equal
KIRA
to the lesser of line 7 or line 8 above applied as an estimated tax payment.
➤
Signature of Shareholder, Partner or Member
Date
TAX PAYMENT SUMMARY (Make check payable to Kentucky State Treasurer.)
Tax
Interest
Penalty
TOTAL
Form 720S, Form 765 or Form 765-GP 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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