Schedule Rc (Form 41a720rc) - Application For Income Tax/llet Credit For Recycling And/or Composting Equipment Or Major Recycling Project Page 2
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1
241A720RC (10–13)
Page 2
*1300010233*
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
Name of Pass-through Entity
Federal Identification Number
Complete this section if you are a partner, member or shareholder
of a pass–through entity that was approved for a Major Recycling
Project.
___ ___ ___ ___ ___ ___ ___ ___ ___
MAJOR RECYCLING PROJECT
PART IV—Requirements Questionnaire
Yes
No
1. Was the investment in recycling or composting equipment more than $10,000,000 and used
exclusively in Kentucky? ...................................................................................................................................................
1
2. Were there more than 750 full–time employees with an average hourly wage of more than
300 percent of the federal minimum wage? ...................................................................................................................
2
a. Average minimum wage ........................................................ $
b. Number of employees earning this wage ............................
3. Did plant and equipment have a total cost of more than $500,000,000? .....................................................................
3
a. Total cost ................................................................................. $
If "yes" to all three requirements, you are entitled to the Major Recycling Credit. If "no" to any of the three questions, you are not
entitled to the Major Recycling Credit.
PART V—Credit Calculation
LLET
Income Tax
1. Enter the LLET liability from Form 720, 720S, 725
00
or 765 (see instructions) ...........................................................................................
1
2. Enter the income tax liability from Form 720, 740, 740-NP
00
or 741 (see instructions) ...........................................................................................
2
3. Baseline tax liability (see instructions) ....................................................................
3
00
4. Excess of tax liability over baseline tax liability (line 1 or line 2 less
line 3).........................................................................................................................
4
00
00
5. Limitation (line 4 multiplied by 50% (.50)) .............................................................
5
00
00
00
00
6. Enter the lesser of line 5 or $2,500,000 ...................................................................
6
7. LLET Credit (see instructions) ..................................................................................
7
00
8. Corporation Income Tax Credit (see instructions) .................................................
8
00
9. Individual Income Tax Credit—Enter on Form 740, 740–NP or 741 ......................
9
00
PART VI—Amount of Credit Claimed
A
B
C
Taxable Year Credit Taken
Balance of Major
Amount of Credit Used
Recycling Project Credit
(Month/Year)
LLET
Income Tax
LLET
Income Tax
1.
__ __ / __ __ __ __
00
00
00
00
2.
__ __ / __ __ __ __
00
00
00
00
3.
__ __ / __ __ __ __
00
00
00
00
4.
__ __ / __ __ __ __
00
00
00
00
5.
__ __ / __ __ __ __
00
00
00
00
6.
__ __ / __ __ __ __
00
00
00
00
7.
__ __ / __ __ __ __
00
00
00
00
8.
__ __ / __ __ __ __
00
00
00
00
9.
__ __ / __ __ __ __
00
00
00
00
10.
__ __ / __ __ __ __
00
00
00
00
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