Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions - 2011
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20765
41A765(I) (10-11)
Commonwealth of Kentucky
DEPARTMENT OF REVENUE
INSTRUCTIONS
2011 KENTUCKY PARTNERSHIP
INCOME AND LLET RETURN
PURPOSE OF INSTRUCTIONS
HOW TO OBTAIN ADDITIONAL FORMS
Forms and instructions are available at all Kentucky Taxpayer
These instructions have been designed for Kentucky partnerships
Service Centers (see page 16). They may also be obtained
that afford their partners or members, through function of the
by writing FORMS, Department of Revenue, 501 High Street,
laws of this state or laws recognized by this state, protection from
Frankfort, KY 40601–2103, or by calling (502) 564-3658. Forms
general liability for actions of the entity. These partnerships are
can be downloaded from
required by law to file a Kentucky Partnership Income and LLET
Return (Form 765).
Refer to the chart on page 2 to determine what tax form your
business needs to file.
KENTUCKY TAX LAW CHANGES
2009 Special Session of the Kentucky General Assembly
2010 Special Session of the Kentucky General Assembly
HB 2 – Provisions effective for tax years beginning on or after
January 1, 2011
HB 3 – Provisions effective for tax years beginning on or after
January 1, 2010
Kentucky Small Business Investment Credit Program – KRS
141.384 was created to provide a nonrefundable tax credit
against the taxes imposed by KRS 141.020 or 141.040 and
KRS 141.0401. A small business shall not be eligible to apply
Certified Rehabilitation Tax Credit—KRS 141.382 was created
for credits and receive final approval for the credits until one
to provide a refundable or transferable credit against the taxes
year after the small business: (a) creates and fills one or more
eligible positions over the base employment, and that position
imposed by KRS 136.505 or 141.020 or 141.040 and 141.0401,
with the ordering of credits provided in KRS 141.0205, for
or positions are created and filled for twelve months; and (b)
qualified rehabilitation expenses incurred by the taxpayer
invests $5,000 or more in qualifying equipment or technology.
The maximum amount of credits that may be committed in each
and used for substantial rehabilitation to a certified historic
structure as provided by KRS 171.397.
fiscal year by the Kentucky Economic Development Finance
Authority shall be capped at $3 million. The maximum amount
of credit for each small business for each year shall not exceed
$25,000.
KRS 171.397(1)(b) provides that for applications for preliminary
approval received after April 30, 2010, the credit shall be
Endow Kentucky Tax Credit—KRS 141.438 was created to
provide a nonrefundable tax credit against the taxes imposed by
refundable if the taxpayer makes an election under KRS
141.397(2) (b)2.a. KRS 171.397(2) (b)2 provides that the
KRS 141.020 or 141.040 and KRS 141.0401 for a taxpayer making
application shall include an irrevocable election by the
an endowment gift to a permanent endowment fund of a
qualified community foundation, or county-specific component
taxpayer to: (a) use the credit, in which case, the credit shall be
refundable; or (b) transfer the credit. KRS 171.397(8) provides
fund, or affiliate community foundation, which has been
certified under KRS 147A.325, and meeting the requirements
that the certified rehabilitation credit permitted by KRS 141.382
may be transferred or assigned to any entity subject to the
of KRS 141.438(7). The total amount of tax credit that may be
tax imposed by KRS 136.505 if an election is made to transfer
awarded under this section shall be limited to $500,000 in each
fiscal year. The credit shall be equal to twenty percent (20%)
the credit as provided by KRS 171.397(2)(b)2.b. for some or
no consideration, along with any related benefits, rights,
of the value of the endowment gift provided by the taxpayer,
responsibilities and liabilities.
not to exceed $10,000.
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