Form 740-Np - Kentucky Income Tax Return Nonresident Or Part-Year Resident - 2012 Page 46
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60for a clean coal facility. As provided by KRS 141.428, a clean
year if the credit cannot be taken in full in the year in which the
coal facility means an electric generation facility beginning
installation is completed.
commercial operation on or after January 1, 2005, at a cost
Line 19, Railroad Maintenance and Improvement Credit—The
greater than $150 million that is located in the Commonwealth
railroad maintenance and improvement credit provided by
of Kentucky and is certified by the Environmental and Pub-
KRS 141.385 is a nonrefundable credit that can be applied
lic Protection Cabinet as reducing emissions of pollutants
against the taxes imposed by KRS 141.020, KRS 141.040 and
released during generation of electricity through the use of
KRS 141.0401. The tax credit shall be used in the tax year of
clean coal equipment and technologies. The amount of the
the qualified expenditures which generated the tax credit and
credit shall be two dollars ($2) per ton of eligible coal pur-
cannot be carried forward to a return for any other period.
chased that is used to generate electric power at a certified
clean coal facility, except that no credit shall be allowed if the
An eligible taxpayer means the owner of a Class II or Class III
eligible coal has been used to generate a credit under KRS
railroad located in Kentucky, the transporter of property using
141.0405 for the taxpayer, parent or a subsidiary.
the rail facilities of a Class II or III railroad in Kentucky, or any
person that furnishes railroad-related property or services to
Line 16, Ethanol Tax Credit—An ethanol producer shall be
a Class II or Class III railroad located in Kentucky. A copy of
eligible for a nonrefundable tax credit against the taxes
Schedule RR-I must be attached to your return.
imposed by KRS 141.020 or 141.040 and 141.0401 in an amount
Line 20, Endow Kentucky Credit—Effective for taxable years
certified by the department. The credit rate shall be one dollar
($1) per ethanol gallon produced, unless the total amount of
beginning on or after Jan. 1, 2011, the Endow Kentucky Tax
approved credit for all ethanol producers exceeds the annual
Credit was created to encourage donations to community
ethanol tax credit cap. If the total amount of approved credit
foundations across the Commonwealth. KRS 141.438 was
for all ethanol producers exceeds the annual ethanol tax credit
created to allow a nonrefundable income tax and limited
cap, the department shall determine the amount of credit
liability entity tax credit of 20 percent of the value of the
each ethanol producer receives by multiplying the annual
endowment gift, not to exceed $10,000.
ethanol tax credit cap by a fraction, the numerator of which
A taxpayer shall attach a copy of the approved Schedule
is the amount of approved credit for the ethanol producer and
ENDOW to the tax return each year to claim the tax credit
the denominator of which is the total approved credit for all
against the taxes imposed by KRS 141.020 or 141.040 and
ethanol producers. The credit allowed shall be applied both
141.0401.
to the income tax imposed under KRS 141.020 or 141.040 and
to the limited liability entity tax imposed under KRS 141.0401,
A partner, member or shareholder of a pass–through entity
with the ordering of credits as provided in KRS 141.0205.
shall attach a copy of Schedule K–1, Form 720S; Schedule
Any remaining ethanol credit shall be disallowed and shall
K–1, Form 765; or Schedule K–1, Form 765–GP to the partner’s,
not be carried forward to the next year. “Ethanol producer”
member’s or shareholder’s tax return each year to claim the
is defined as an entity that uses corn, soybeans, or wheat to
tax credit.
manufacture ethanol at a location in this Commonwealth.
Unused credit may be carried forward for use in a subsequent
Line 17, Cellulosic Ethanol Tax Credit—A cellulosic ethanol
taxable year, for a period not to exceed five years.
producer shall be eligible for a nonrefundable tax credit against
Line 21, New Markets Development Tax Credit—A taxpayer
the taxes imposed by KRS 141.020 or 141.040 and 141.0401 in
that makes a qualified equity investment in a qualified
an amount certified by the department. The credit rate shall be
community development entity may be eligible for a credit that
one dollar ($1) per cellulosic ethanol gallon produced, unless
may be taken against the corporation income tax, individual
the total amount of approved credit for all cellulosic ethanol
income tax, insurance premiums taxes and limited liability
producers exceeds the annual cellulosic ethanol tax credit cap.
If the total amount of approved credit for all cellulosic ethanol
entity tax. The qualified community development entity must
producers exceeds the annual cellulosic ethanol tax credit
first submit an application to the Department of Revenue for
approval. The person or entity actually making the loan or
cap, the department shall determine the amount of credit each
making the equity investment will be able to claim a credit,
cellulosic ethanol producer receives by multiplying the annual
subject to a $5 million credit cap each fiscal year, by completing
cellulosic ethanol tax credit cap by a fraction, the numerator
Form 8874(K)-A.
of which is the amount of approved credit for the cellulosic
ethanol producer and the denominator of which is the total
approved credit for all cellulosic ethanol producers. The credit
allowed shall be applied both to the income tax imposed under
KRS 141.020 or 141.040 and to the limited liability entity tax
SECTION B—PERSONAL TAX CREDITS
imposed under KRS 141.0401, with the ordering of credits as
Line 1(a), Yourself—You are always allowed to claim a tax credit
provided in KRS 141.0205. Any remaining cellulosic ethanol
for yourself (even if your parent(s) can claim a credit for you
credit shall be disallowed and shall not be carried forward to
on their return). On Line 1(a), there are five boxes under three
the next year. “Cellulosic ethanol producer” is defined as an
separate headings. Always check the box under “Check Regu-
entity that uses cellulosic biomass materials to manufacture
lar” to claim a tax credit for yourself. If 65 or older, also check
cellulosic ethanol at a location in this Commonwealth.
the next two boxes on the line. If legally blind, also check the
last two boxes on the line.
Line 18, Energy Efficiency Products Tax Credits—This
nonrefundable credit is available to taxpayers who install
energy efficiency products for residential and commercial
Line 1(b), Your Spouse—Do not fill in Line 1(b) if (1) you are
single; (2) you are married and you and your spouse are filing
property located in the Commonwealth as provided by KRS
two separate returns; or (3) your spouse received more than
141.436 for taxable years beginning after December 31, 2008,
half of his or her support from another taxpayer.
and before January 1, 2016.
Fill in Line 1(b) if you are married and (1) you and your spouse
Complete Form 5695-K, Kentucky Energy Efficiency Products Tax
Credit, to see if you meet the qualifications for this credit.
are filing a joint or combined return, or (2) if your spouse had
no income or is not required to file a return. If you meet these
Individuals or businesses can apply the credit against their
criteria, check the first box on Line 1(b) for your spouse. If your
spouse is 65 or older, also check the next two boxes. If your
state income tax liability and carry the credit forward for one (1)
12
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