Schedule Kida (Form 41a720-S20) - Tax Credit Computation Schedule (For A Kida Project Of A Corporation)

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SCHEDULE KIDA
*1300010241*
For taxable year ended
__ __ / __ __
41A720-S20 (10-13)
Mo.
Yr.
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
T
C
C
S
AX
REDIT
OMPUTATION
CHEDULE
(F
A KIDA P
O
A C
OR
ROJECT
F
ORPORATION)
➤ See instructions.
KRS 154.28-010 to 140
➤ Attach to Form 720.
Name of Corporation
Federal Identification Number
Kentucky Corporation/LLET
Account Number
__ __ — __ __ __ __ __ __ __
__ __ __ __ __ __
Location of Project
Activation Date of KIDA
Economic Development
Incentive Agreement
Project Number
/
/
City
County
Mo.
Day
Yr.
PART I—Computation of LLET Excluding KIDA Project
1. LLET from Form 720, Part I, line 1 .......................................................................................................
1
00
2. LLET on KIDA project (see instructions) .............................................................................................
2
00
3. LLET excluding LLET on KIDA project (line 1 less line 2) ..................................................................
3
00
PART II—Computation of Taxable Net Income Excluding Net Income from KIDA Project and KIDA Tax Credit
Section A–Computation of Corporation Tax
1. Enter income tax from Form 720, Part II, line 1 .................................................................................
1
00
2. LLET of corporation (Part I, line 1) ......................................................................................................
2
00
3. LLET credit allowed (line 2 less $175, but not more than line 1) ......................................................
3
00
4. Total corporation tax (lines 1 and 2 less line 3) .................................................................................
4
00
Section B–Computation of Tax Excluding KIDA Project
1. Enter taxable net income from Form 720, Part III, line 25 .................................................................
1
00
2. Enter net income from KIDA project; if loss, enter -0- .......................................................................
2
00
3. Taxable net income excluding net income from KIDA project (line 1 less line 2). If line 2 is
greater than line 1, enter -0- ................................................................................................................
3
00
4. Corporation income tax on amount from line 3:
Taxable Net Income
Rate
Tax
(a) First $50,000 ........................
X 4%
00
(b) Next $50,000 .......................
X 5%
00
(c) All income over $100,000 ...
X 6%
00
(d) Total income tax liability excluding KIDA project (add lines 4(a) through 4(c)) ....................... 4(d)
00
5. LLET excluding LLET on KIDA project (Part I, line 3) .........................................................................
5
00
6. Enter LLET from line 5 less $175, but not more than line 4(d) .........................................................
6
00
7. Total tax excluding KIDA project (lines 4(d) and 5 less line 6) .........................................................
7
00
8. Total tax attributable to KIDA project (Section A, line 4 less Section B, line 7)
Continue to Part III and enter this amount on Part III, line 1 .............................................................
8
00
PART III—Limitation
1. Enter tax liability attributable to KIDA project from Part II, Section B, line 8 ..................................
1
00
2. Enter limitation from Schedule KIDA-T, Column D ...........................................................................
2
00
3. Allowable KIDA tax credit (lesser of line 1 or line 2) .........................................................................
3
00
Enter allowable credit on Schedule TCS, Part I, Column E and Column F
➤ Economic development project means a project authorized under the Kentucky Rural Economic Development Act (KREDA),
Metropolitan College Consortium Tax Credit (MCC), Kentucky Small Business Investment Credit Program (KSBIC), Kentucky
Industrial Development Act (KIDA), Kentucky Economic Opportunity Zone Act (KEOZ), Kentucky Jobs Retention Agreement
(KJRA), Kentucky Industrial Revitalization Act (KIRA), Kentucky Jobs Development Act (KJDA), Kentucky Business Investment
Program (KBI), Kentucky Reinvestment Act (KRA), Skills Training Investment Credit Act (STICA) and Incentives for Energy
Independence Act (IEIA).

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