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241A720RR–E (10–15)
Page 2
INSTRUCTIONS FOR SCHEDULE RR–E
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
The railroad expansion credit provided by KRS 141.386 is a nonrefundable credit that can be applied against the taxes imposed
by KRS 141.040 and KRS 141.0401. The tax credit shall be used in the tax year of the qualified expenditures which generated the
tax credit and cannot be carried forward to a return for any other period. If a qualified expenditure qualifies for both the railroad
maintenance and improvement credit as provided by KRS 141.385 and the railroad expansion tax credit as provided by KRS 141.386,
the taxpayer must claim either the credit provided by KRS 141.385 or the credit provided by KRS 141.386, but not both.
Purpose of Schedule— This schedule is used to compute the
Enter the name, mailing address and business location address
railroad expansion credit. An eligible taxpayer means: (i) a
in applicable boxes. Enter the Federal Identification Number
corporation that owns fossil energy resources subject to tax
and Kentucky Corporation/LLET Account Number in applicable
under KRS 143.020 or 143A.020 or biomass resources and
boxes. Check the appropriate entity type.
transports these resources using rail facilities; or (ii) a railway
This application must be signed and dated by an authorized
company subject to tax under KRS 136.120 that serves a
corporate officer (if filing Form 720 or 720S) or partner or
corporation that owns fossil energy resources subject to tax
member (if filing Form 765 or 765–GP).
under KRS 143.020 or 143A.020 or biomass resources.
Part I—Qualifications
Fossil energy resources means reserves of coal, oil shale,
The tax credit provided by KRS 141.386 shall be claimed in
and natural gas; and biomass resources means agriculture
the tax year that the qualified expenditures are paid or in-
materials that may be used for production of transportation
curred by the eligible taxpayer. You must be: (i) a corporation
fuels such as biodiesel or ethanol or that may themselves be
that owns fossil energy resources subject to tax under KRS
used as a fuel, alone or in combination with a fossil fuel, for
143.020 or 143A.020 or biomass resources and transports
generation of electricity.
these resources using rail facilities; or (ii) a railway company
The railroad expansion tax credit is an amount equal to 25% of
subject to tax under KRS 136.120 that serves a corporation
the qualified expenditures paid or incurred by the corporation
that owns fossil energy resources subject to tax under KRS
or railway company during the tax year to expand or upgrade
143.020 or 143A.020 or biomass resources. If you have taken
railroad track, including roadbeds, bridges, and related track
the railroad maintenance and improvement tax credit per-
structures, to accommodate the transport of fossil energy
mitted by KRS 141.385 on the same qualified expenditures,
resources or biomass resources.
you do not qualify for this credit. If a tax credit was claimed
The credit amount approved for a calendar year for all
under the provisions of KRS 141.385 or 141.386 by another
taxpayers under KRS 141.386 shall be limited to $1,000,000.
taxpayer on the same qualified expenditures, you do not
If the total amount of approved credit exceeds $1,000,000,
qualify for this credit.
the department shall determine the amount of credit each
Part II—Computation of the Credit
corporation and railway company receives by multiplying the
Line 1—Enter the “qualified expenditures” paid or incurred
$1,000,000 by a fraction, the numerator of which is the amount
by the corporation or railway company for the calendar year.
of the approved credit for a corporation or railway company
Qualified expenditures are expenditures paid or incurred to
and the denominator of which is the total approved credit for
expand or upgrade railroad track, including roadbeds, bridges,
all corporations and railway companies.
and related track structures, to accommodate the transport of
Each corporation or railway company eligible for the credit
fossil energy resources or biomass resources.
shall file a railroad expansion tax credit claim on this form by
the fifteenth day of the first month following the close of the
Line 2—Enter twenty–five percent (25%) of Line 1.
preceding calendar year.
Part III—Railroad Expansion Approved Credit Certificate
To ensure proper processing, fax or email Schedule RR-E
The Department of Revenue determines each corporation’s
to the Department of Revenue no later than January 15 fol-
lowing the close of the preceding calendar year. Schedules
or railway company’s approved credit. If the total approved
postmarked or sent after January 15 are void. Credit certi-
credit for all corporations and railway companies exceeds
fication cannot be guaranteed for schedules sent through
the railroad expansion tax credit cap of $1,000,000 for the
regular mail.
calendar year, the department shall determine the amount
of credit each corporation or railway company receives by
multiplying the $1,000,000 by a fraction, the numerator (Line
Fax number: (502) 564–0058
1(a)) of which is the amount of the approved credit for a
corporation or railway company and the denominator (Line
Email address:
1(b)) of which is the total approved credit for all corporations
KRC.WEBResponseEconomicDevelopmentCredits@ky.gov
and railway companies.
Part IV—Railroad Expansion Credit Used By Taxpayer
The Department of Revenue will confirm the receipt of the
Line 1—Enter the amount of the credit claimed for the taxable
application. If you do not receive confirmation within two weeks
year against the LLET on Schedule TCS, Part II, Column E.
of submitting the application, contact the Division of Corporation
The credit amount cannot reduce the LLET below the $175
Tax at (502) 564–8139.
minimum.
The Department of Revenue will issue the credit certificate,
Line 2—Enter the amount of the credit claimed for the taxable
listing the amount of credit, by March 15 following the close
year against the corporation income tax on Schedule TCS,
of the preceding calendar year. Attach the credit certificate
Part II, Column F .
(Schedule RR–E) to the tax return claiming the credit.
General Instructions—Enter the calendar year in applicable
A pass-through entity shall include on each Schedule K-1 the
boxes.
partner’s or member’s pro rata share of the approved credit.
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