Form 740-Np - Kentucky Income Tax Return Nonresident Or Part-Year Resident - 2012 Page 45
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60K-1 showing the amount of credit distributed. For information
Line 6, Employer’s Unemployment Tax Credit—If you hired
regarding the program, contact the Education Cabinet, Ken-
unemployed Kentucky residents to work for you during the
tucky Adult Education, Council on Postsecondary Education.
last six months of 2011 or during 2012, you may be eligible to
claim the unemployment tax credit. In order to claim a credit,
each person hired must meet specific criteria. For each quali-
Line 12, Voluntary Environmental Remediation Credit—
fied person, you may claim a tax credit of $100. The period of
This line should be completed only if the taxpayers have an
unemployment must be certified by the Office of Employment
agreed order with the Environmental and Public Protection
and Training, Education Cabinet, 275 East Main Street, 2-WA,
Cabinet under the provisions of KRS 224.01-518 and have
Frankfort, KY 40621-0001, and you must maintain a copy of
been approved for the credit by the Department of Revenue.
the certification in your files. A copy of Schedule UTC must
Maximum credit allowed to be claimed per taxable year is 25
be attached to your return.
percent of approved credit. For more information regarding
credit for voluntary environmental remediation property,
Line 7, Recycling and/or Composting Tax Credit—Individuals
contact the Environmental and Public Protection Cabinet at
who purchase recycling or composting equipment to be used
(502) 564-3350. To claim this credit, Schedule VERB must be
exclusively in Kentucky for recycling or composting postcon-
attached.
sumer waste materials, are entitled to a credit against the tax
equal to 50 percent of the installed cost of the equipment. Ap-
Line 13, Biodiesel and Renewable Diesel Credit—Producers
plication for this credit must be made on Schedule RC, which
and blenders of biodiesel and producers of renewable diesel
may be obtained from the Department of Revenue. A copy of
are entitled to a tax credit against the taxes imposed by KRS
Schedule RC and/or Schedule RC (K-1) reflecting the amount
141.020, KRS 141.040 and KRS 141.0401. The taxpayer must
of credit approved by the Department of Revenue must be
file a claim for biodiesel and renewable diesel credit with the
attached to the return.
Department of Revenue by January 15 each year for biodiesel
produced or blended and the renewable diesel produced in
Line 8, Kentucky Investment Fund Tax Credit—Limits on Ken-
the previous calendar year. The department shall issue a credit
tucky Investment Fund Act (KIFA) Credits—KIFA tax credits
certification to the taxpayer by April 15. The credit certification
available to any single investment fund are limited to $1.3
must be attached to the tax return claiming this credit.
million for all investors and all taxable years. Total KIFA tax
credits available for all investors in all investment funds shall
Line 14, Environmental Stewardship Tax Credit—An approved
not exceed $5 million per fiscal year. An investor whose cash
company may be permitted a credit against the Kentucky
contribution to an investment fund has been certified by the
income tax imposed by KRS 141.020, KRS 141.040 or KRS
Kentucky Economic Development Finance Authority (KEDFA) is
141.0401 on the income of the approved company generated
entitled to a nonrefundable credit against Kentucky income tax
by or arising out of a project as determined under KRS 154.48-
equal to 40 percent of the cash contribution. For investments
020. An “environmental stewardship product” means any new
before July 1, 2002, the amount of credit that may be claimed
manufactured product or substantially improved existing
in any given year is limited to 25 percent of the total amount
manufactured product that has a lesser or reduced adverse
certified by the Kentucky Economic Development Finance
effect on human health and the environment or provides for
Authority (KEDFA). For investments after June 30, 2002, the
improvement to human health and the environment when
credit is claimed on the tax return filed for the tax year fol-
compared with existing products or competing products that
lowing the year in which the credit is granted and is limited
serve the same purpose. A company must have eligible costs
in any tax year to 50 percent of the initial aggregate credit
of at least $5 million and within six months after the activation
apportioned to the investor. Attach a copy of the certification
date, the approved company compensates a minimum of 90
by KEDFA in the first year claimed. Any excess credit may be
percent of its full-time employees whose jobs were created or
carried forward. No credit may extend beyond 15 years of the
retained with base hourly wages equal to either: (1) 75 percent
initial certification.
of the average hourly wage for the Commonwealth; or (2) 75
percent of the average hourly wage for the county in which
Line 9, Coal Incentive Tax Credit—A company that owns and
the project is to be undertaken. The maximum amount of
operates an alternative fuel facility or a gasification facility as
negotiated inducement that can be claimed by a company for
defined in KRS 154.27-010 may be entitled to a coal incentive
any single tax year may be up to 25 percent of the authorized
tax credit. Application for this credit is made on Schedule
inducement. The agreement shall expire on the earlier of the
CI, Application for Coal Incentive Tax Credit, and a copy of
date the approved company has received inducements equal
the credit certificate issued by the Kentucky Department of
to the approved costs of its project, or 10 years from the
Revenue must be attached to the return on which the credit
activation date. For more information, contact the Cabinet
is claimed.
for Economic Development, Old Capitol Annex, 300 West
Broadway, Frankfort, Kentucky 40601.
Line 10, Q uali f ie d Re s ear c h Fac ili t y Ta x Cre di t—A
nonrefundable credit is allowed against individual and
KRS 141.430 was amended to provide that for tax years
corporation income taxes equal to 5 percent of the cost
beginning on or after June 4, 2010, the base tax year is reduced
of constructing and equipping new facilities or expanding
by fifty percent (50%). The base tax year is the combined
or remodeling existing facilities in Kentucky for qualified
income tax and LLET for the first taxable year after December
research. “Qualified research” is defined to mean qualified
31, 2005, that ends immediately prior to the activation date. If
research as defined in Section 41 of the IRC. Any unused
the base year is for a taxable year beginning before January
credit may be carried forward 10 years. Complete and attach
1, 2007, the LLET will not apply.
Schedule QR, Qualified Research Facility Tax Credit.
Caution: An approved company under the Environmental
Line 11, Employer GED Incentive Tax Credit—KRS Chapter
Stewardship Act shall not be entitled to the recycling credit
151B.127 provides a nonrefundable income tax credit for
provided under the provisions of KRS 141.390 for equipment
used in the production of an environmental stewardship
employers who assist employees in completing a learning
project.
contract in which the employee agrees to obtain his or her high
school equivalency diploma. The employer shall complete the
lower portion of the GED-Incentive Program Final Report (Form
Line 15, Clean Coal Incentive Tax Credit—A nonrefundable,
DAEL-31) and attach a copy to the return to claim this credit.
nontransferable credit against taxes imposed by KRS 136.120,
Shareholders and partners should attach a copy of Schedule
KRS 141.020, KRS 141.040, or KRS 141.0401 shall be allowed
11
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