Schedule Kra-T (Form 41a720-S37) - Tracking Schedule For A Kra Project Page 2
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41A720-S37 (10-13)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS—SCHEDULE KRA-T
below the $175 minimum. Total credits claimed cannot
PURPOSE OF SCHEDULE—This schedule is used by
a company which has entered into a reinvestment
reduce the income tax liability below zero.
agreement for a Kentucky Reinvestment Act (KRA)
project to maintain a record of the balance of approved
SPECIFIC INSTRUCTIONS
costs and income tax, limited liability entity tax and
license tax credits for the duration of the agreement. This
Column A—Enter on each line the ending date (month
information is necessary for the company to determine
and year) of the taxable year for which the information
the limitation of the tax credit throughout the life of the
requested in Columns B and C is entered.
project and to allow the Kentucky Department of Revenue
to verify that credit has been properly computed.
Column B—For the taxable year that includes the
activation date of the reinvestment agreement, enter
GENERAL INSTRUCTIONS
total approved costs verified by the Kentucky Economic
Development Finance Authority. For each year thereafter,
A single Schedule KRA-T, Tracking Schedule for a KRA
enter the balance of approved costs after subtracting
Project, shall be maintained for the duration of each
the prior year’s income tax credit claimed from the prior
KRA project. Beginning with the first taxable year of
year’s approved costs. Also, enter on Schedule KRA, Part
the KRA reinvestment agreement, complete Columns
III, Line 2 or Schedule KRA-SP, Part I, Line 8, whichever
A through C using a separate line for each tax year of
is applicable.
the reinvestment agreement. The company shall attach
a copy of this schedule updated with current year
Column C—The KRA tax credit is applied against the
information to the Schedule KRA or Schedule KRA-SP
corporation income tax imposed under KRS 141.040
which is filed with the Kentucky tax return for the year.
and/or the limited liability entity tax imposed under KRS
For Form 720, all tax credits are entered on Schedule
141.0401. The tax credit calculated for each tax can be
different; however, for tracking purposes, the maximum
TCS, Tax Credit Summary Schedule. The total tax credits
amount used against either tax is recorded as amount
calculated may exceed the amount that can be used.
Credits must be claimed in the order prescribed by KRS
claimed. Enter the greater of Column E or Column F from
141.0205. Total credits claimed cannot reduce the LLET
Schedule TCS for this project.
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