Schedule Kra-T - Kentucky Tracking Schedule For A Kra Project Page 2
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41A720-S37 (10-15)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS—SCHEDULE KRA-T
PURPOSE OF SCHEDULE—This schedule is used by
SPECIFIC INSTRUCTIONS
a company which has entered into a reinvestment
Column A—Enter on each line the ending date (month
agreement for a Kentucky Reinvestment Act (KRA)
and year) of the taxable year for which the information
project to maintain a record of the balance of approved
requested in Columns B through E is entered.
costs and income tax, limited liability entity tax and
license tax credits for the duration of the agreement. This
Column B—This column will be blank for the first taxable
information is necessary for the company to determine
year of the agreement. For each year thereafter, if the
the limitation of the tax credit throughout the life of the
amount entered in Column D for the prior year exceeds
project and to allow the Kentucky Department of Revenue
the amount entered in Column E for the prior year, enter
to verify that credit has been properly computed.
the difference. If the amount entered in Column E for the
prior year equals the amount entered in Column D for the
GENERAL INSTRUCTIONS
prior year, enter zero (-0-).
A single Schedule KRA-T, Tracking Schedule for a KRA
Project, shall be maintained for the duration of each
Column C—Enter the total amount of approved costs in
KRA project. Beginning with the first taxable year of
accordance with the agreement for the taxable year.
the KRA reinvestment agreement, complete Columns
Column D—Enter the result of adding the amounts
A through C using a separate line for each tax year of
entered in Columns B and C. Also, enter on Schedule
the reinvestment agreement. The company shall attach
KRA, Part III, Line 2, or Schedule KRA-SP , Part I, Line 8,
a copy of this schedule updated with current year
whichever is applicable.
information to the Schedule KRA or Schedule KRA-SP
which is filed with the Kentucky tax return for the year.
Column E—The KRA tax credit is applied against the
For Form 720, all tax credits are entered on Schedule
corporation income tax imposed under KRS 141.040
TCS, Tax Credit Summary Schedule. The total tax credits
and/or the limited liability entity tax imposed under KRS
calculated may exceed the amount that can be used.
141.0401. The tax credit calculated for each tax can be
Credits must be claimed in the order prescribed by KRS
different; however, for tracking purposes, the maximum
141.0205. Total credits claimed cannot reduce the LLET
amount used against either tax is recorded as amount
below the $175 minimum. Total credits claimed cannot
claimed. Enter the greater of Column E or Column F from
reduce the income tax liability below zero.
Schedule TCS for this project.
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