Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return - 2012
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20720S
41A720S(I) (11-12)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS
2012 KENTUCKY S CORPORATION INCOME
TAX AND LLET RETURN
PURPOSE OF THE INSTRUCTIONS
HOW TO OBTAIN ADDITIONAL FORMS
These instructions have been designed for S corporations,
Forms and instructions are available at all Kentucky Taxpayer
both domestic and foreign, which are required by law to file a
Service Centers (see page 18). They may also be obtained
Kentucky S corporation income tax return.
by writing FORMS, Department of Revenue, 501 High Street,
Frankfort, KY 40601-2103, or by calling (502) 564-3658. Forms
Refer to the chart on page 2 to determine what tax form your
business needs to file.
can be downloaded from
KENTUCKY TAX LAW CHANGES
2012 Regular Session of the General Assembly
the Commonwealth on a continuous basis for at least
five (5) years preceding the request for approval by the
HB 246 – Provisions effective July 12, 2012
Kentucky Economic Development Finance Authority of the
project which meets the standards set forth in KRS 154.25-
Metropolitan College Tax Credit—KRS 141.381 was
020; and (iii) have been previously approved for economic
amended to extend the expiration date of the Metropolitan
development incentives by the Commonwealth related to
College tax credit from April 15, 2013, to April 15, 2017.
one (1) or more of its facilities.
HB 341—Provisions effective July 12, 2012
HB 441—Provisions effective July 12, 2012
Statutory Trusts—KRS Chapter 386A was created to
Limited Cooperative Associations—KRS Chapter 272A was
allow an entity to organize as a statutory trust or a series
created to allow an entity to organize as a limited cooperative
statutory trust. Section 5 of HB 341 provides that for
association. Section 8 of HB 441 provides that for purposes
purposes of KRS 141.0401, each statutory trust and foreign
of KRS 141.0401, each limited cooperative association with
statutory trust and each series of a series statutory trust
investor members shall be treated as a limited liability pass-
or a foreign series statutory trust shall be treated as a
through entity, except to the extent of patronage activities
limited liability pass-through entity. A statutory trust has
or dividends. A limited cooperative association shall have
perpetual existence and affords its beneficial owner and
perpetual existence unless the articles of association state
trustee protection from general liability. A statutory trust
a term for the limited cooperative association’s existence,
may have one or more series and each series shall be
and affords its members protection from general liability.
separate for all purposes including general liability.
Section 5 of HB 441 provides that a limited cooperative
association may be organized for any lawful purpose,
Section 18 of HB 341 provides that a statutory trust may be
whether or not for profit.
organized for any lawful purpose, except a statutory trust
may not: (i) have a predominantly donative purpose; or (ii)
HB 444—Provisions effective for tax years beginning on or
be organized for the purpose of rendering a professional
after January 1, 2010
service.
Qualified Air Freight Forwarders—KRS 141.121 was
HB 400—Provisions effective July 12, 2012
amended to provide that a qualified air freight forwarder’s
apportionment factor shall be determined as follows: (i)
Kentucky Job Retention Agreements—KRS 154.25-010 was
the property factor shall be determined as provided in KRS
amended to expand eligible companies to include North
141.120(8)(a); (ii) the payroll factor shall be determined
American Industry Classification Codes: 325211, 325510,
as provided in KRS 141.120(8)(b); and (iii) the sales factor
326199, 327211, 327212, 327215, 331111, 331221, 331521,
shall be determined as provided in KRS 141.120(8)(c),
332312, 332813, 33299, 335110, 335911, 335912, 423510,
except freight forwarding revenues shall be included in
493110, 541614, 551114, and 561439. An eligible company
the numerator of the sales factor by multiplying the freight
must: (i) employ a minimum of one-thousand (1,000) full-
forwarding revenues by a fraction, the numerator of which
time persons engaged in automobile or automobile parts
is miles operated in Kentucky by the affiliated airline of
or supplies manufacturing; (ii) have been operating within
the qualified air freight forwarder and the denominator of
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