Form 41a765(I) - Kentucky Partnership Income And Llet Return Instructions - 2011 Page 15
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20the fifteenth day of the first month following the close of the
The nonrefundable tax credit is allowed against the taxes
preceding calendar year. The department shall determine the
imposed by KRS 141.020 or 141.040 and KRS 141.0401 and if
amount of the approved credit and issue a credit certificate
not use in the year the tax credit is awarded may be carried
to the corporation or railway company by the fifteenth day of
forward for a period not to exceed five years. The department
the third month following the close of the calendar year. KRS
shall issue a credit certification (Schedule ENDOW) to a
141.386
taxpayer upon receiving proof that the endowment gift was
made to the approved community foundation as provided by
Endow Kentuc k y Ta x Cre dit—A t a xpayer mak ing an
KRS 141.438(7). Schedule ENDOW must be attached to the
endowment gift to a permanent endowment fund of a qualified
taxpayer’s tax return each year to claim the credit. A partner,
community foundation, or county-specific component fund,
member or shareholder of a pass-through entity shall attach
or affiliate community foundation, which has been certified
a copy of Schedule K-1, Form 720S, 765 or 765-GP to the
partner’s, member’s or shareholder’s tax return each year to
under KRS 147A.325, is entitled to a tax credit equal to twenty
percent (20%) of the endowment gift, not to exceed $10,000.
claim the tax credit.
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