Schedule Keoz - Kentucky Tax Credit Computation Schedule (For A Keoz Project Of A Corporation) Page 2
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41A720-S40 (10-15)
Commonwealth of Kentucky
INSTRUCTIONS—SCHEDULE KEOZ
DEPARTMENT OF REVENUE
The KEOZ tax credit is applied against the corporation income tax imposed by KRS 141.040 and/or the limited liability
entity tax (LLET) imposed by KRS 141.0401. The amount of tax credit against each tax can be different; however, for tracking
purposes, the maximum amount of credit used against either tax is the amount that is used for the tax year.
PURPOSE OF SCHEDULE—This schedule is used by
Consortium Tax Credit (MCC) must attach a copy of
a corporation which has entered into a tax incentive
the certification(s) from the Bluegrass State Skills
agreement for a Kentucky Economic Opportunity Zone
Corporation. A corporation approved for the Kentucky
Act (KEOZ) project that received preliminary or final
Small Business Investment Credit Program (KSBIC)
approval by KRS Chapter 154.23 on or before June
must attach a copy of the certification from the Kentucky
Economic Development Finance Authority.
26, 2009, to determine the credit allowed against the
Kentucky corporation income tax and LLET attributable
to the project in accordance with KRS 141.401.
Alternative Methods—In accordance with KRS 141.401(8),
if the approved company can show that the nature of the
GENERAL INSTRUCTIONS
operations and activities of the approved company are
such that it is not practical to use separate accounting
Part I—Computation of LLET Excluding KEOZ Project
to determine net income, Kentucky gross receipts or
Kentucky gross profits from the facility at which the
Line 2—Using Schedule LLET, create a new Schedule LLET
project is located, the approved company shall determine
to compute the LLET of the KEOZ project using only the
net income, Kentucky gross receipts or Kentucky gross
Kentucky gross receipts and Kentucky gross profits of the
profits attributable to the project using an alternative
project. Enter “KEOZ” at the top center of the Schedule
method approved by the Department of Revenue. Thus,
LLET and attach it to the tax return.
if any method other than separate accounting is used,
a copy of the letter from the Department of Revenue
If the corporation has operations other than the
approving the alternative method must be attached to
KEOZ project, it must attach schedules reflecting the
this schedule.
computation of Kentucky gross profits and Kentucky
*
In accordance with KRS 141.401(6)(a), if the project is a
gross receipts from the KEOZ project in accordance with
totally separate facility, net income attributable to the
KRS 141.401(6)(b)** or KRS 141.401(7)(b).****
project shall be determined by the separate accounting
method.
Part II—Computation of Taxable Net Income Excluding
Net Income from KEOZ Project and KEOZ Tax Credit
**
In accordance with KRS 141.401(6)(b), if the project is
a totally separate facility, Kentucky gross receipts or
Section B
Kentucky gross profits attributable to the project shall
be determined under the separate accounting method
Line 2—Enter net income for KEOZ project. If the
reflecting only the Kentucky gross receipts or Kentucky
corporation’s only operation in Kentucky is the KEOZ
gross profits directly attributable to the facility.
project, the amount entered on Line 1 must be entered
***
In accordance with KRS 141.401(7)(a), if the KEOZ
on Line 2. If the corporation has operations other than
project is an expansion to a previously existing facility,
the KEOZ project, it must attach schedules reflecting the
net income attributable to the entire facility shall be
computation of the net income from the KEOZ project
determined under the separate accounting method and
in accordance with KRS 141.401(6)(a)* or KRS 141.401(7)
the net income attributable to the KEOZ project shall be
(a).***
determined by apportioning the separate accounting
net income of the entire facility to the KEOZ project
See form for computation.
income using a formula approved by the Department
of Revenue. A copy of the letter from the Department
Part III—Limitation
of Revenue approving the percentage must be attached
to this schedule.
Calculate KEOZ tax credit based on the corporation’s tax
liability, tax liability attributable to KEOZ project, and
****
In accordance with KRS 141.401(7)(b), if the KEOZ project
credit limitation from Schedule KEOZ-T. Enter credit on
is an expansion to a previously existing facility, Kentucky
Schedule TCS, Part I, Column E and Column F .
gross receipts or Kentucky gross profits attributable to
the entire facility shall be determined under the separate
A corporation with more than one economic development
accounting method and the Kentucky gross receipts or
project must separately compute the tax credit derived
Kentucky gross profits attributable to the KEOZ project
from each project. Complete an applicable tax computation
shall be determined by apportioning the separate
schedule (Schedule KREDA, Schedule KIDA, Schedule
accounting Kentucky gross receipts or Kentucky gross
KEOZ, Schedule KJRA, Schedule KIRA, Schedule KJDA,
profits of the entire facility to the KEOZ project Kentucky
Schedule KBI, Schedule KRA or Schedule IEIA) for each
gross receipts or Kentucky gross profits. A copy of the
project. A corporation approved for the Skills Training
letter from the Department of Revenue approving the
Investment Credit Act (STICA) or Metropolitan College
percentage must be attached to this schedule.
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