Schedule Kida-T (Form 41a720-S21) - Tracking Schedule For A Kida Project Page 2
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241A720-S21 (10-11)
Page 2
INSTRUCTIONS—SCHEDULE KIDA-T
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
PURPOSE OF SCHEDULE—This schedule is used by a
Activation Date of KIDA Incentive Agreement—For
company which has entered into a financing agreement
projects which received preliminary approval from the
or tax incentive agreement for a Kentucky Industrial
Kentucky Economic Development Finance Authority
Development Act (KIDA) project to maintain a record of
(KEDFA) prior to July 15, 1996, enter the date the financing
the debt service payments or approved costs, whichever
agreement was executed. For projects which received
is applicable, and tax credits (income tax and the limited
preliminary approval from KEDFA after July 15, 1996,
liability entity tax) for the duration of the agreement.
enter the date established by the approved company as
This information is necessary for the company to
the activation date for implementation of the inducements
determine the limitation of the tax credit for each year
authorized by the financing agreement.
of the agreement and to allow the Kentucky Department
of Revenue to verify that the credit has been properly
SPECIFIC INSTRUCTIONS
computed.
Column A—Enter on each line the ending date (month,
day and year) of the taxable year for which the information
GENERAL INSTRUCTIONS
in Columns B through E is entered.
The 2002 General Assembly amended KRS 154.28-
Column B—This column will be blank for the first taxable
010 to 154.28-130, effective on July 15, 2002. Projects
year of the agreement. For each year thereafter, if the
that received preliminary approval from the Kentucky
amount entered in Column D for the prior year exceeds
Economic Development Finance Authority (KEDFA)
the amount entered in Column E for the prior year, enter
prior to July 15, 2002, and have entered into a financing
the difference. If the amount entered in Column E for the
agreement no later than June 30, 2003, shall be subject
prior year equals the amount entered in Column D for the
to KRS 154.28-010 to 154.28-130 as in effect prior to July
prior year, enter zero (-0-).
15, 2002.
Column C—Enter the total amount of debt service
A s in gl e S c h e d ul e K I DA -T, Tr a c k in g S c h e d ul e
payment or approved costs, whichever is applicable in
for a KIDA Project, shall be maintained for the duration
accordance with the agreement, for the taxable year.
of each KIDA project. Beginning with the first taxable
Debt service payment includes both principal and interest
year of the KIDA financing agreement or tax incentive
paid in accordance with the financing agreement.
agreement, complete Columns A through E using
a separate line for each year of the agreement. The
Column D—Enter the result of adding the amounts
company shall attach a copy of this schedule updated
entered in Columns B and C. Also, enter this amount on
with current year information to the Schedule KIDA or
Schedule KIDA, Part III, Line 2 or Schedule KIDA-SP, Part
Schedule KIDA-SP which is filed with the Kentucky tax
I, Line 8, whichever is applicable.
return for the year.
Column E—The KIDA tax credit is applied against the
For Form 720, all tax credits are entered on Schedule
corporation income tax imposed under KRS 141.040
TCS, Tax Credit Summary Schedule. The total tax credits
and/or the limited liability entity tax imposed under KRS
calculated may exceed the amount that can be used.
141.0401. The tax credit calculated for each tax can be
Credits must be claimed in the order prescribed by KRS
different; however, for tracking purposes, the maximum
141.0205. Total credits claimed cannot reduce the LLET
amount used against either tax is recorded as the amount
below the $175 minimum. Total credits claimed cannot
claimed. Enter the greater of Column E or Column F from
reduce the income tax liability below zero.
Schedule TCS for this project.
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