Form 8874(K) Draft - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit Page 3
Download a blank fillable Form 8874(K) Draft - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 8874(K) Draft - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
341A720-S80 (8874(K)) (5-16)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS—APPLICATION FOR CERTIFICATION OF QUALIFIED EQUITY INVESTMENTS
ELIGIBLE FOR KENTUCKY NEW MARKETS DEVELOPMENT PROGRAM TAX CREDIT
A qualified community development entity (CDE) that seeks to have an equity investment or long-term debt security
certified as a qualified equity investment and eligible for the tax credit permitted by KRS 141.434 shall file this application,
Form 8874(K), with the Kentucky Department of Revenue (department).
The following fees shall be included with the application: (i) a nonrefundable application fee (payment must be by cashier’s
check) of $1,000 (a separate check made payable to the Kentucky State Treasurer must be issued for the nonrefundable
application fee); and (ii) a refundable performance fee (payment must be by cashier’s check) equal to one-half of one
percent (0.5%) of the qualified equity investment requested to be certified, not to exceed $500,000 (a separate check
made payable to the Kentucky State Treasurer must be issued for the refundable performance fee).
The department will notify you within thirty (30) days after receipt of the application whether the application is approved
or denied. If the department intends to deny your application, you will be notified in writing (via certified mail) by the
department of the reason for denial. Upon receipt of the notice of denial, the CDE has fifteen (15) days to provide the
department with information necessary to correct any deficiencies in the application. Upon receipt of any additional
information, the department shall have an additional thirty (30) days to either approve or deny the application.
If the CDE fails to provide the additional information required by the department or fails to complete its application within
the fifteen (15) day period, the application shall be deemed denied and must be resubmitted in full with a new submission
date. If the application is deemed denied, the department will refund the performance fee in full to the CDE.
If the department determines that the application is in compliance with the provisions of KRS 141.432 to 141.434, a copy
of the application will be returned to you (via certified mail) containing the department’s approval of the qualified equity
investments and taxpayers eligible for tax credits under KRS 141.434. “Department’s approval” means the department’s
certification as provided by KRS 141.433(3) of the proposed equity investments or long-term debt securities as qualified
equity investments eligible for tax credits provided by KRS 141.432 to 141.434. If the tax credits are limited because of the
$10 million tax credit cap provided by KRS 141.434(4), the department will notify the CDE of the limitation and the CDE
may either elect to withdraw its application or receive a partial credit. If the CDE elects to withdraw its application, the
department will refund the performance fee in full to the CDE. If the CDE elects to receive a partial credit, the department
will refund a portion of the performance fee, whereby only the fee applicable to the certified amount is retained.
If the taxpayers eligible to claim the credits change due to a transfer of a qualified equity investment or a change in an
allocation pursuant to KRS 141.434(2), the CDE shall notify the department of such change.
Within ninety (90) days after receipt of the notice of certification by the department, the CDE shall issue the qualified equity
investment and receive cash in the amount of the certified purchase price. The CDE shall provide the department with
evidence of the receipt of the cash within ten (10) business days after receipt. If the CDE does not receive cash in exchange
for the total amount of the qualified equity investment within ninety (90) days following receipt of the certification notice
from the department, the certification shall lapse, and the entity may not issue the qualified equity investment without
reapplying to the department for certification. In addition, the entire performance fee shall be forfeited.
The CDE shall complete Form 8874(K)-A, Notice of Kentucky New Markets Development Program Tax Credit and Certification,
and file a copy with the department for each taxpayer as evidence of the receipt of cash for the qualified equity investment.
If the department is satisfied that the cash amount of the qualified equity investment was received by the CDE from the
qualified equity investor, the department shall return Form 8874(K)-A containing the department’s approval of the tax
credit to both the CDE and taxpayer.
Page 3
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 8874(k) Draft - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit - 2010
Financial
Form 8874(k) - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit
Financial
Form 8874(k) - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit
Financial
Form 8874(k) - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit
Financial
Form 8874(k) - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit - 2010
Financial
Form 8874(k) - Application For Certification Of Qualified Equity Investments Eligible For Kentucky New Markets Development Program Tax Credit
Financial
Form 8874(k)-b Draft - Notice Of Kentucky New Markets Development Program Tax Credit Recapture - 2015
Financial
Form 8874(k)-a - Notice Of Kentucky New Markets Development Program Tax Credit And Certification
Financial
Related Categories
Parent category: Financial