Schedule Kjra-T (Form 41a720-S46) - Tracking Schedule For A Kjra Project (Page 2 of 2) in pdf

41A720-S46 (10-13)

Page 2

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS—SCHEDULE KJRA-T

PURPOSE OF SCHEDULE—This schedule is used by a

Column B—This column will be blank for the first taxable

company which has entered into an agreement for a

year of the agreement. For each year thereafter, if the

Kentucky Jobs Retention Agreement (KJRA) project to

amount entered in Column F for the prior year exceeds

maintain a record of the approved costs and tax credits

the amount entered in Column G for the prior year, enter

(income tax and the limited liability entity tax (LLET))

the difference. If the amount entered in Column G for the

for the duration of the agreement. This information is

prior year equals the amount entered in Column F for the

necessary for the company to determine the limitation

prior year, enter zero (-0-).

of the tax credit for each year of the agreement and to

allow the Kentucky Department of Revenue to verify that

Column C—Enter the portion of the eligible costs approved

the credit has been properly computed.

by the authority that an approved company may recover

through inducements. The negotiated percentage cannot

exceed 50 percent of the approved costs for the initial

GENERAL INSTRUCTIONS

project; however, the Kentucky Economic Development

Finance Authority (KEDFA) may negotiate an increase

A single Schedule KJRA-T, Tracking Schedule

in the percentage such that both the initial project and

for a KJRA Project, shall be maintained for the duration

the supplemental project are eligible for 75 percent

of each KJRA project. Beginning with the first taxable year

of approved costs upon approval of a supplemental

of the KJRA agreement, complete Columns A through G

project.

using a separate line for each year of the agreement. The

company shall attach a copy of this schedule updated

Column D—Enter the balance of unused approved costs

with current year information to the Schedule KJRA or

from a previously existing KIDA or KJDA project to be

Schedule KJRA-SP which is filed with the Kentucky tax

transferred to the KJRA project.

return for the year.

Column E—Enter the amount of wage assessments

For Form 720, all tax credits are entered on Schedule

withheld.

TCS, Tax Credit Summary Schedule. The total tax credits

calculated may exceed the amount that can be used.

Column F—Enter the KJRA limitation. This is the total of

Credits must be claimed in the order prescribed by KRS

Columns B through D less Column E.

141.0205. Total credits claimed cannot reduce the LLET

below the $175 minimum. Total credits claimed cannot

Column G—The KJRA tax credit is applied against the

reduce the income tax liability below zero.

income tax imposed by KRS 141.020 or KRS 141.040

and the LLET imposed by KRS 141.0401. The tax credit

SPECIFIC INSTRUCTIONS

calculated for each tax can be different; however, for

tracking purposes, the maximum amount used against

Column A—Enter on each line the ending date (month, day

either tax is recorded as the amount claimed. Enter the

and year) of the taxable year for which the information in

greater of Column E or Column F from Schedule TCS for

Columns B through G is entered.

this project.

Schedule Kjra-T (Form 41a720-S46) - Tracking Schedule For A Kjra Project Page 2

Related Articles

Related forms

Related Categories