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41A720-S51 (10-14)

Commonwealth of Kentucky

DEPARTMENT OF REVENUE

INSTRUCTIONS—SCHEDULE IEIA-T

PURPOSE OF SCHEDULE—This schedule is used by a

Column B—For the first taxable year of the agreement,

company that has entered into an agreement pursuant to

enter the approved incentive to be recovered by

wage assessments as provided in the Tax Incentive

the Incentives for Energy Independence Act as provided

Agreement. For each subsequent year: (i) if the amount

by KRS 154.27–010 to 100 to maintain a record of the

approved costs permitted to be recovered through:

entered in Column B for the prior year exceeds the

(i) Kentucky income tax imposed by KRS 141.040 or

amount entered in Column D for the prior year, enter

the difference; or (ii) if the amount entered in Column D

141.020, and the limited liability entity tax imposed by

for the prior year equals the amount entered in Column

KRS 141.0401; or (ii) wage assessments.

B for the prior year, enter zero (–0–).

GENERAL INSTRUCTIONS

Column C—For the first taxable year of the agreement,

enter the approved incentive to be recovered by tax

A separate Schedule IEIA–T, Tracking Schedule for an

IEIA Project, shall be maintained for the duration of each

credits against income tax and LLET as provided in the

IEIA project. Beginning with the first taxable year of the

Tax Incentive Agreement. For each subsequent year:

(i) if the amount entered in Column C for the prior year

IEIA agreement, complete Columns A through E using

exceeds the amount entered in Column E for the prior

a separate line for each year of the agreement. The

company shall attach a copy of this schedule updated

year, enter the difference; or (ii) if the amount entered in

with the current year information to the Schedule IEIA

Column E for the prior year equals the amount entered

in Column C for the prior year, enter zero (–0–).

or Schedule IEIA-SP which is filed with the Kentucky

tax return for the year.

Column D—Enter the IEIA wage assessments withheld

For Form 720, all tax credits are entered on Schedule

during the current year. IEIA wage assessments taken

cannot exceed the balance of the incentive in Column B.

TCS, Tax Credit Summary Schedule. The total tax credits

calculated may exceed the tax credits that can be used.

Column E—The IEIA project tax credit is applied against

Credits must be claimed in the order prescribed by KRS

141.0205. Total credits claimed cannot reduce the LLET

the income tax imposed by KRS 141.040 or KRS 141.020

and the limited liability entity tax imposed by KRS

below the $175 minimum. Total credits claimed cannot

141.0401. The tax credit applied against the corporation

reduce the income tax liability below zero.

income tax imposed by KRS 141.040 or the LLET

SPECIFIC INSTRUCTIONS

imposed by KRS 141.0401 can be different; however,

for tracking purposes, the larger amount used against

either tax is recorded as the amount claimed. Enter the

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

greater of Column E or Column F from Schedule TCS

day and year) of the taxable year for which the

information in Columns B through E is entered.

for this project.

Schedule Ieia-T - Tracking Schedule For An Ieia Project - Kentucky Department Of Revenue Page 2

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