Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return

preceding calendar year. The department shall determine the

Kentucky Department of Revenue

amount of the approved credit and issue a credit certificate

Mission Statement

to the corporation or railway company by the fifteenth day of

the third month following the close of the calendar year. KRS

As part of the Finance and Administration Cabinet, the

141.386

mission of the Kentucky Department of Revenue is to

administer tax laws, collect revenue, and provide services

ENDOW Kentuck y Tax Credit – A taxpayer making an

in a fair, courteous, and efficient manner for the benefit of

endowment gift to a permanent endowment fund of a qualified

the Commonwealth and its citizens.

community foundation, or county-specific component fund,

or affiliate community foundation, which has been certified

under KRS 147A.325, is entitled to a tax credit equal to twenty

The Kentucky Department of Revenue does not discriminate

percent (20%) of the endowment gift, not to exceed $10,000.

The nonrefundable tax credit is allowed against the taxes

on the basis of race, color, national origin, sex, age, religion,

imposed by KRS 141.020 or 141.040 and KRS 141.0401 and if

disability, sexual orientation, gender identity, veteran

not use in the year the tax credit is awarded may be carried

status, genetic information or ancestry in employment or

forward for a period not to exceed five years. The department

the provision of services.

shall issue a credit certification (Schedule ENDOW) to a

taxpayer upon receiving proof that the endowment gift was

TAXPAYER ASSISTANCE

made to the approved community foundation as provided by

KRS 141.438(7). Schedule ENDOW must be attached to the

Forms:

taxpayer’s tax return each year to claim the credit. A partner,

Operations and Support Services Branches

member or shareholder of a pass-through entity shall attach a

501 High Street

copy of Schedule K-1, Form 720S, 765 or 765-GP to the partner’s,



Frankfort, KY 40601–2103

member’s or shareholder’s tax return each year to claim the

(502) 564-3658

tax credit.

Website:

New Markets Development Program Tax Credit—KRS 141.432

Email: Financerevenueformsandenvelopes@ky.gov

to 141.434 was created to encourage taxpayer investment in

qualified low-income communities. A taxpayer that makes

Information:

a qualified equity investment as provided by KRS 141.432(7)

Division of Corporation Tax

in a qualified community development entity as provided by

Department of Revenue

KRS 141.432(6) shall be entitled to a nonrefundable tax credit

501 High Street

against the taxes imposed by KRS 141.020, 141.040, 141.0401,

Frankfort, KY 40601–2103

136.320, 136.330, 136.340, 136.350, 137.370, 136.390 or 304.3-

(502) 564-8139

270. The total amount of tax credits that may be awarded by

the department shall be limited to $5 million. “Qualified low-

income community investment” means any capital or equity

KENTUCKY TAXPAYER SERVICE CENTERS

investment in, or loan to, any qualified active low-income

community business made after June 4, 2010. With respect to

Information and forms are available from Kentucky Taxpayer

any one qualified active low-income community business, the

Service Centers in the following cities.

maximum amount of qualified active low-income community

investments that may be made in the business, on a collective

Ashland, 134 Sixteenth Street, 41101-7670

basis with all of its affiliates, with the proceeds of qualified

(606) 920-2037

equity investments that have been certified under KRS 141.433

shall be $10 million, whether made by one or several qualified

Bowling Green, 201 West Professional Park Court, 42104-3278

community development entities.

(270) 746-7470

The amount of the credit shall be equal to 39% of the purchase

Central Kentucky, 501 High Street, Frankfort, 40601–2103

(502) 564-4581 (Taxpayer Assistance)

price of the qualified equity investment made by the taxpayer.

A taxpayer is allowed to claim zero percent (0%) for each of

Corbin, 15100 North US 25E, Suite 2, 40701-6188

the first two credit allowance dates, seven percent (7%) for the

(606) 528-3322

third allowance date, and eight percent (8%) for the next four

allowance dates. “Credit allowance date” means with respect

Hopkinsville, 181 Hammond Drive, 42240-7926

to any qualified equity investment: (a) the date on which the

(270) 889-6521

investment is initially made; and (b) each of the six anniversary

dates of that date thereafter. KRS 141.434

Louisville, 600 West Cedar Street,

Floor West, 40202-2310

(502) 595-4512

Northern Kentucky, Turfway Ridge Office Park

TANGIBLE PERSONAL PROPERTY TAXES—The listing

7310 Turfway Road, Suite 190, Florence, 41042-4871

period for tangible personal property is January 1 through

(859) 371-9049

May 15 of each year. Each taxpayer is responsible for

reporting his tangible personalty subject to ad valorem

Owensboro, Corporate Center

taxation. The Tangible Personal Property Tax Return,

401 Frederica Street, Building C, Suite 201, 42301-6295

Revenue Form 62A500, and instructions can be obtained

(270) 687-7301

from your local county property valuation administrator’s

Paducah, Clark Business Complex, Suite G

office or the Office of Property Valuation. You may also

2928 Park Avenue, 42001-4024

go to to download these forms. A

(270) 575-7148

separate form must be filed for each location in Kentucky

where you have tangible personal property.

Pikeville, Uniplex Center, Suite 203,

126 Trivette Drive, 41501-1275

(606) 433-7675

Form 41a720s(I) - Kentucky S Corporation Income Tax And Llet Return - 2012 Page 18

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