Form 740-Np - Kentucky Income Tax Return Nonresident Or Part-Year Resident - 2012 Page 15
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60EXTENSION OF TIME TO FILE
Kentucky Limited Liability Entity Tax Credit Worksheet
Taxpayers who are unable to file a return by April 15, 2013,
Complete a separate worksheet for each LLE. Retain for your
may request an extension. Inability to pay is not an acceptable
records.
reason. Acceptable reasons include, but are not limited to,
destruction of records by fire or flood and serious illness of
Name __________________________________________________
the taxpayer. The request for the extension must be submitted
in writing to the Department of Revenue on or before the due
Address ________________________________________________
date of the return. The request must state a reasonable cause
for the inability to file. Extensions are limited to six months.
FEIN ___________________________________________________
A copy of the Kentucky extension request must be attached
%
to the return.
Percentage of Ownership ....................... ________________
Individuals who receive a federal extension are not required
1. Enter Kentucky taxable income
to obtain a separate Kentucky extension. They can meet the
from Form 740-NP, Line 13 ................ ________________
requirements by attaching a copy of the application for auto-
2. Enter LLE income as shown
matic federal extension or the approved federal extension to
on Kentucky Schedule K-1
the Kentucky return.
or Form 725 ........................................ ________________
Kentucky residents who are in the military are often granted
3. Subtract Line 2 from Line 1 and
extensions for tax filings when serving outside the United
enter total here ................................... ________________
States. Any extension granted for federal income tax purposes
4. Enter Kentucky tax on income
will be honored for Kentucky income tax purposes.
amount on Line 1 ................................ ________________
5. Enter Kentucky tax on income
Interest at the "tax interest rate" applies to any income tax
amount on Line 3 ................................ ________________
paid after the original due date of the return. If the amount of
6. Subtract Line 5 from Line 4. If Line 5
tax paid by the original due date is less than 75 percent of the
is larger than Line 4, enter zero.
tax due, a late payment penalty may be assessed (minimum
This is your tax savings if income
penalty is $10). Interest and late payment penalty charges can
is ignored ............................................ ________________
be avoided by remitting payment with the Extension Payment
7. Enter nonrefundable limited liability
Voucher by the due date.
entity tax credit (from Kentucky
Schedule K-1 or Form 725) ............... ________________
If you wish to make a payment prior to the due date of your
8. Enter the lesser of Line 6 or Line 7.
tax return, complete Section II of the Application for Extension
This is your credit. Enter here and
of Time to File, Form 40A102, and remit with payment. Write
on Form 740-NP, Section A, Line 1 ... ________________
"KY Income Tax—2012" and your Social Security number on
the face of the check.
Line 2, Kentucky Small Business Investment Credit—For
Personal Property—Kentucky taxpayers are reminded to report
taxable years beginning after December 31, 2010, a small
all taxable personal property, except motor vehicles, owned
business may be eligible for a nonrefundable credit of up to one
on January 1 to either the property valuation administrator in
hundred percent (100%) of the Kentucky income tax imposed
the county of residence (or location of business) or the Office
under KRS 141.020 or 141.040, and the limited liability entity
of Property Valuation in Frankfort. Tangible personal property
tax imposed under KRS 141.0401.
is to be reported on the Tangible Personal Property Tax Return,
Form 62A500. The due date for these returns is May 15.
The small business development credit program authorized
by KRS 154.60-020 and KRS 141.384 was amended to allow
the credit to apply to taxable years beginning after Dec. 31,
SECTION A—BUSINESS INCENTIVE AND OTHER TAX CREDITS
2010. The definition of base year for purposes of the credit
computation was changed to the first full year of operation that
Line 1, Nonrefundable Limited Liability Entity Tax Credit
begins on or after Jan.1, 2009 and before Jan. 1, 2010.
(KRS 141.0401(2))
Small businesses are eligible to apply for credits and receive
An individual that is a partner, member or shareholder of a
final approval for these credits one (1) year after the small
limited liability pass-through entity is allowed a limited liability
business:
entity tax (LLET) credit against the income tax imposed by KRS
141.020 equal to the individual's proportionate share of LLET
•
Creates and fills one (1) or more eligible positions over
computed on the gross receipts or gross profits of the limited
the base employment, and that position or positions are
liability pass-through entity as provided by KRS 141.0401(2),
created and filled for twelve (12) months; and
after the LLET is reduced by the minimum tax of $175 and
by other tax credits which the limited liability pass-through
•
Invests five thousand dollars ($5,000) or more in qualifying
entity may be allowed. The credit allowed an individual that is
equipment or technology.
a partner, member, or shareholder of a limited liability pass-
through entity against income tax shall be applied only to
The small business shall submit all information necessary to
income tax assessed on the individual's proportionate share
the Kentucky Economic Development Finance Authority to
of distributive income from the limited liability pass-through
determine credit eligibility for each year and the amount of
entity as provided by KRS 141.0401(3)(b). Any remaining LLET
credit for which the small business is approved.
credit shall be disallowed and shall not be carried forward to
the next year.
A small business that is a pass-through entity not subject
to the tax imposed by KRS 141.040 and that has tax credits
Nonrefundable Kentucky limited liability entity tax credit
approved under Subchapter 60 of KRS Chapter 154 shall apply
(KRS 141.0401(2))—The credit amount is shown on Kentucky
the credits against the limited liability entity tax imposed by
Schedule(s) K-1 from pass-through entities (PTEs) or Form(s)
KRS 141.0401, and shall also distribute the amount of the
725 for single member limited liability companies. Copies of
approved tax credits to each partner, member, or shareholder
Kentucky Schedule(s) K-1 or Form(s) 725 must be attached
based on the partner’s, member’s, or shareholder’s distributive
to your return.
9
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