Schedule Rr-I (Form 41a720rr-I) - Railroad Maintenance And Improvement Tax Credit

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20__ __
SCHEDULE RR–I
*1400010318*
41A720RR–I (10-14)
Calendar Year
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
RAILROAD MAINTENANCE AND IMPROVEMENT TAX CREDIT
➤ See instructions.
KRS 141.385 and 141.387
➤ Attach to Form 720, 720S, 725, 740, 740-NP , 741, 765 or 765-GP .
Name of Entity
Federal Identification
Kentucky Corporation/LLET
Number
Account Number (if applicable)
__ __ __ __ __ __
__ __ __ __ __ __ __ __ __
Mailing Address
Taxed as:
Corporation
Limited Liability Pass-through Entity
Location Address
General Partnership
Individual
Other
Part I—Qualifications
Yes
No
Were the “qualified expenditures” made on property that was not owned or leased
on January 1, 2008, by a Class II or Class III railroad? ...............................................................
Was a tax credit claimed under the provisions of KRS 141.386 on the same
“qualified expenditures”? .............................................................................................................
Was a tax credit claimed under the provisions of KRS 141.385 or 141.386 by another
taxpayer on the same “qualified expenditures”? .......................................................................
If you answered “yes” to any of the questions above, STOP; you do not qualify for this credit.
If you answered “no” to ALL of the questions above, go to Part II.
Part II—Computation of the Credit
1. Enter the amount of qualified expenditures paid or incurred
by the taxpayer during the tax year ........................................................................................................
1
2. Enter 50% of line 1 ....................................................................................................................................
2
3. Enter the number of miles of railroad track in Kentucky owned or
leased by the taxpayer at the close of the taxable year .............................
3
4. Enter the number of miles of railroad track in Kentucky assigned
to the taxpayer by a Class II railroad or Class III railroad ...........................
4
5. Enter the total of lines 3 and 4 ......................................................................
5
6. Multiply line 5 by $3,500 ..........................................................................................................................
6
7. Enter the lesser of line 2 or line 6 ............................................................................................................
7
Part III—Railroad Maintenance and Improvement Credit Used By Taxpayer
1. LLET Credit—Enter on Schedule TCS, Part II, Column E .......................................................................
1
2. Corporation Income Tax Credit—Enter on Schedule TCS, Part II, Column F ........................................
2
3. Individual Income Tax Credit—Enter on Form 740, 740–NP or 741 .......................................................
3
No Carryforward Allowed

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