Schedule Keoz-T - Kentucky Tracking Schedule For A Keoz Project Page 2
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41A720-S42 (10-15)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS—SCHEDULE KEOZ-T
PURPOSE OF SCHEDULE—This schedule is used by a
Column B—For the taxable year that includes the
company which has entered into an agreement for a
activation date of the service and technology agreement,
Kentucky Economic Opportunity Zone (KEOZ) Act project
enter 50 percent of the total start-up costs as verified by
to maintain a record of the debt service payments, wage
the Kentucky Economic Development Finance Authority.
assessments, approved costs and tax credits (income
For each year thereafter, if the amount entered in Column
tax and the limited liability entity tax) for the duration
G for the prior year exceeds the amount entered in
of the agreement. This information is necessary for the
Column H for the prior year, enter the difference. If the
company to determine the limitation of the tax credit for
amount entered in Column H for the prior year equals
each year of the agreement and to allow the Kentucky
the amount entered in Column G for the prior year, enter
Department of Revenue to verify that the credit has been
zero (-0-).
properly computed.
Column C—Enter 50 percent of rental payments made
during the taxable year as set forth in the service and
GENERAL INSTRUCTIONS
technology agreement.
A separate Schedule KEOZ-T, Tracking Schedule
Column D—This column applies only to tax incentive
for a KEOZ Project, shall be maintained for the duration
agreements. This column will always be blank for the first
of each KEOZ project. Beginning with the first tax year
taxable year of the agreement. For each year thereafter,
of the KEOZ agreement, complete Columns A through
if the amount entered in Column G for the prior year
H using a separate line for each year of the agreement.
exceeds the amount entered in Column H for the prior
Note that Columns B and C apply only to service and
year, enter the difference. If the amount entered in
technology agreements and Columns D and E apply
Column H for the prior year equals the amount entered
only to manufacturing agreements. The company shall
in Column G for the prior year, enter zero (-0-).
attach a copy of this schedule updated with current year
information to the Schedule KEOZ or Schedule KEOZ-SP
Column E—This column applies only to tax incentive
which is filed with the Kentucky tax return for the year.
agreements. Enter the total amount of debt service
payment made during the taxable year. Debt service
For Form 720, all tax credits are entered on Schedule
payment includes both principal and interest paid in
TCS, Tax Credit Summary Schedule. The total tax credits
accordance with the agreement.
calculated may exceed the amount that can be used.
Credits must be claimed in the order prescribed by KRS
Column F—Enter the total amount of employee wage
141.0205. Total credits claimed cannot reduce the LLET
assessments (both the state and local portion) withheld
below the $175 minimum. Total credits claimed cannot
from the salaries of employees during the taxable year.
reduce the income tax below zero.
Column G—Enter the result of adding the amounts
entered in Columns B, C, D and E and subtract the amount
Activation Date of KEOZ Incentive Agreement—Enter
entered in Column F. Also, enter on Schedule KEOZ, Part
the date established by the approved company as the
III, Line 2 or Schedule KEOZ-SP, Part I, Line 8, whichever
activation date for implementation of the inducements
is applicable.
authorized by the agreement. The 10-year period for
the term of the agreement begins from the activation
Column H—The KEOZ tax credit is applied against the
date.
corporation income tax imposed under KRS 141.040
and/or the limited liability entity tax imposed under KRS
SPECIFIC INSTRUCTIONS
141.0401. The tax credit calculated for each tax can be
different; however, for tracking purposes, the maximum
Column A—Enter on each line the ending date (month,
amount used against either tax is recorded as the amount
day and year) of the tax year for which the information
claimed. Enter the greater of Column E or Column F from
requested in Columns B through H is entered.
Schedule TCS for this project.
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