Schedule Kjra - Kentucky Tax Credit Computation Schedule Page 2
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41A720-S45 (10-15)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS—SCHEDULE KJRA
The KJRA 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
Part III—Limitation
a corporation which has entered into a tax incentive
agreement for a Kentucky Jobs Retention Agreement
Calculate KJRA tax credit based on the corporation’s tax
(KJRA) project to determine the credit allowed against the
liability, tax liability attributable to KJRA project and credit
limitation from Schedule KJRA-T. Enter credit on Schedule
Kentucky corporation income tax and LLET attributable to
the project in accordance with KRS 141.402.
TCS, Part I, Column E and Column F .
A corporation with more than one economic development
GENERAL INSTRUCTIONS
project must separately compute the tax credit derived
from each project. Complete an applicable tax computation
schedule (Schedule KREDA, Schedule KIDA, Schedule
KEOZ, Schedule KJRA, Schedule KIRA, Schedule KJDA,
Part I—Computation of LLET Excluding KJRA Project
Schedule KBI, Schedule KRA, or Schedule IEIA) for each
project. A corporation approved for the Skills Training
Line 2—Using Schedule LLET, create a new Schedule LLET
Investment Credit Act (STICA) or Metropolitan College
to compute the LLET of the KJRA project using only the
Consortium Tax Credit (MCC) must attach a copy of the
Kentucky gross receipts and Kentucky gross profits of the
certification(s) from the Bluegrass State Skills Corporation.
A corporation approved for the Kentucky Small Business
project. Enter “KJRA” at the top center of the Schedule
LLET and attach it to the tax return.
Investment Credit Program (KSBIC) must attach a copy of
the certification from the Kentucky Economic Development
Finance Authority.
Part II—Computation of Taxable Net Income Excluding
Net Income from KJRA Project and KJRA Tax Credit
Alternative Methods—In accordance with KRS 141.402(7),
if the approved company can show that the nature of the
operations and activities of the approved company are
Section B
such that it is not practical to use separate accounting
to determine net income, Kentucky gross receipts or
Kentucky gross profits from the facility at which the project
Line 2—Enter net income for KJRA project. If the
is located, the approved company shall determine net
corporation’s only operation in Kentucky is the KJRA
income, Kentucky gross receipts or Kentucky gross profits
attributable to the project using an alternative method
project, the amount entered on Line 1 must be entered
on Line 2.
approved by the Department of Revenue. Thus, if any
method other than separate accounting is used, a copy of
the letter from the Department of Revenue approving the
See form for computation.
alternative method must be attached to this schedule.
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